Alabama Futures Fund
1320 1st Avenue South, Birmingham, AL, 35233, United States
Overview
Alabama Futures Fund seeks to be the first significant investment in an early-stage venture that can reach attainable milestones leading to series A financing within 12-24 months. It invests companies with adaptable and coachable founding teams that have identified a significant customer problem and are working towards product market fit. This includes companies at the minimum viable product, pre-revenue and early revenue stages. Because of the risks involved in investing this early, its preference is to stage capital relative to milestones achieved. Therefore, it reserves significant capital for follow-on investments in its most promising companies.
- Total investments
- 5
- Lead investments
- 2
- Investments · 12mo
- 0
- Active investors
- 0
Sector focus
- Venture Capital
Investment portfolio
- HealNow
Participated · Seed · Sep 2023
HealNow is an NYC-based healthcare technology company led by CEO Halston Prox that enables pharmacies to offer an online checkout experience. The platform leverages payments technology so patients can schedule delivery or curbside pickup, purchase OTC items, and pay for prescriptions online. HealNow integrates with pharmacy management systems including PioneerRx, Liberty, Keycentrix and others. Hundreds of pharmacies across the country use the platform to accelerate payments workflow and improve the patient experience. The company raised $5.5M in Seed funding and plans to use the proceeds to accelerate product development, expand partnerships with other pharmacy service providers, and grow its national reach across retail, hospital, university, veterinarian and other pharmacy verticals. HealNow builds a white-label SaaS payments and order-management platform tailored to pharmacies, embedding in existing workflows and pharmacy management systems. The product lets patients securely provide insurance information, make payments, schedule curbside pickup or delivery, and integrates with third-party delivery services. HealNow charges a monthly subscription plus a flat service fee per prescription and processes thousands of orders daily (tens of thousands monthly). The company says it does not intend to become a pharmacy, instead serving pharmacies of all sizes without disrupting their workflows. HealNow launched in 2018 after graduating from the Entrepreneurs Roundtable Accelerator and is led by founders Halston Prox and Joshua Smith. The $1.3M round will be used primarily to build out sales and marketing as HealNow expands from footholds in the West, Southwest and Middle America and opens an office in Birmingham to pursue East Coast growth.
- Prepaid2Cash
Participated · Series A · Jul 2021
Prepaid2Cash Holdings, Inc. is a Birmingham, Alabama-based leader in the gift and prepaid card redemption space. Launched in 2016 and led by CEO Peter Vogt, P2C enables consumers and business clients to convert gift and prepaid cards (Visa, MasterCard, Amex, Discover) into cash. The company's technology and partnerships allow users to exchange cards and receive cash or Bitcoin directly to their bank account or crypto wallet within minutes. Prepaid2Cash closed a $5.1M Series A financing round. The company intends to use the funds to accelerate customer acquisition and to continue development of its financial technology and feature set. It also plans to hire engineering, product, and operational talent out of its Birmingham headquarters. Prepaid2Cash offers a mobile app that lets consumers scan network-branded (Visa, MasterCard, Amex, Discover) prepaid and gift cards and receive cash via direct deposit in as little as 24 hours or by check in a few business days. The company leverages advanced technologies and partnerships with banking and payment institutions to enable faster payouts than peer marketplaces that require selling to other users. Prepaid2Cash was founded by two financial-technology entrepreneurs in San Francisco and launched to the public in 2016. Since inception the platform has processed millions of dollars in transactions, has thousands of users, and is described as growing quickly. In connection with a recent investment, the company is relocating its worldwide headquarters from San Francisco to Birmingham, Alabama, and its leadership has cited the move as a way to scale, access new customers, and tap regional connections.
- Linq
Participated · Seed · May 2021
Linq builds a networking platform that harnesses QR codes and near field communication (NFC) to enable users to share information via customizable pages. Its current product suite includes electronic business cards, hubs, taps, and wearables such as bracelets and Apple Watch bands. The company is led by CEO Elliott Potter, COO Jared Mattsson and CTO Patrick Sullivan. Linq intends to use new funding to grow the team and add new products to its portfolio. The article identifies the company as based in Birmingham, Ala. No operating metrics were disclosed in the coverage. Founded in 2019 by Elliott Potter, Jared Mattsson and Patrick Sullivan, Linq offers dynamically updating digital contact cards that do not require recipients to sign up, download an app, or visit a website to receive them. Linq cards automatically update for everyone a card was shared with when a user’s title, contact information or employer changes. The product integrates with major CRM systems so contact information can be directly added to CRM databases and incorporated into business processes and workflows. Linq positions itself as a disruption to traditional networking platforms and electronic business-card apps, aiming to reduce manual data entry and improve contact curation. The company emphasizes solving inefficiencies of paper cards and fragmented contact workflows for professionals who need to gather, categorize and utilize contact information. Linq has partnered with Alabama Futures Fund to support its growth and development.
- Joonko
Led · Seed · Sep 2019
Joonko helps companies identify high-quality candidates from underrepresented groups by surfacing 'silver medalists'—people who reached the final interview stages at other companies but were not hired. The product integrates with recruitment systems and includes candidates only with their permission. Today Joonko focuses on three groups: women, people of color and veterans, with some candidates crossing multiple groups. The company launched in 2017 and currently has around 35 employees; the firm says its New York office staff are all underrepresented. Joonko plans to expand beyond sourcing into retention efforts to help underrepresented hires feel less isolated and stay at organizations. The startup announced a $25 million Series B to further its growth and product plans. Joonko builds an AI-powered platform that connects to partner companies' applicant-tracking systems to identify and resurface prequalified underrepresented candidates as part of a shared talent pool. The product collects finalists who were not hired and makes them available to other participating firms, using AI to sort and match candidates to relevant openings. The company reports an applicant pool of over 100,000 prequalified individuals and says it can make roughly 100–120 placements per month. Clients include Adidas, PayPal, American Express, Regions Bank, Atlassian, and Intuit; the company has expanded its team to about 20 salespeople and plans to spend on marketing to win more customers. Joonko grew revenues by 40% quarter-on-quarter throughout 2020, a trend the CEO attributes in part to increased awareness around social justice issues. The Tel Aviv-based CEO Ilit Raz frames the product as a way for companies to meet DE&I goals and is focusing expansion efforts beyond Israel, particularly on the U.S. market. Joonko Diversity is an AI-powered diversity and inclusion startup that provides recruiters with an automated tool to source qualified diverse candidates. The platform syncs with an organization’s Applicant Tracking System and connects it to a US pool of over 12,000 active, qualified, diverse candidates. It is already used by companies such as Adidas, PayPal and Intuit. The company was founded in 2016 by CEO Ilit Raz and is based in Birmingham, Alabama. Joonko secured $2.4M in seed funding led by the Alabama Futures Fund and will use the proceeds to scale marketing and customer acquisition. The startup aims to enable talent acquisition teams to tap into new active candidate sources through its automated sourcing tool. Joonko provides an AI-powered software platform that plugs into existing HR and productivity systems (Atlassian Jira, Salesforce, Workday) to analyze company data and suggest real-time corrective actions to reduce workplace discrimination. The company launched a second version of its product focused on managers and team inclusion and also helps with hiring processes. Pricing tiers are disclosed: $25–$35 per job for companies, $3–$6 per employee per month for team inclusion, and $3–$9 per month for individual coaching. Joonko is a Techstars Atlanta graduate founded in 2016 and is relocating from Atlanta to San Francisco, with research and development based in Israel. The startup has six employees (three full-time, three part-time) and is running pilots with 11 companies. Today the team is focused on gender and minority inclusion and plans to expand to other protected profiles such as age and religion.
Team
No current team members are available.