The Venture Codex

Participated · Seed · Apr 2018

Carpe develops dermatologist-tested products that manage sweating across the entire body, including hand lotion, underarm antiperspirant, sweat-proof cosmetics, hair care, and sweat-absorbing products for areas such as the breast, thigh, groin, and scalp. The brand began as a cult favorite solution for excessively sweaty hands and has expanded into a full product suite developed with medical advisors. Carpe sells direct-to-consumer through its own website and e-commerce marketplaces. The company emphasizes proprietary, time-tested formulas that prioritize efficacy, scent, and comfort, and highlights a strong personal connection between its founders and customers. Carpe positions itself as the #1 dermatologist-recommended antiperspirant brand for whole-body sweat protection. The company aims to accelerate growth and reach more customers worldwide with strategic support from its new partner. Carpe offers an antiperspirant lotion designed to reduce hand and foot sweat, with a particular focus on patients with hyperhidrosis. The company was founded in 2015 by lifelong hyperhidrosis sufferers David Spratte (UNC ’17) and Kasper Kubica (Duke ’17). Based in Durham, NC, Carpe’s product targets palm and sole sweating that existing products may not adequately address. The startup plans to use recently raised seed funding to continue expanding its business reach. Seth Radwell, the former CEO of Proactiv, invested in the round and will join Carpe’s board of directors, bringing industry experience. The article does not report operating metrics such as revenue or user counts.

Led · Seed · Sep 2017

ProAxion is a Raleigh, NC-based industrial IoT startup founded in 2015 by CEO Justin Rothwell that develops predictive maintenance technology for the manufacturing and power industries. Its core product is the Tactix™ system, a line of wireless sensors and telemetry hardware that mount on existing machinery and connect to a cloud-based monitoring service. The service delivers cloud-based predictive analysis and remote alerts to notify operations and maintenance personnel when equipment will soon require service. The company intends to use the funds to bolster sales, marketing and customer support, enhance its Tactix line, and make further improvements to its predictive analysis and remote alert service. As a result of the financing, ProAxion will add Railinc CEO Allen West and independent venture capitalist Bruce Boehm to its board of directors.

Participated · Series B · Jul 2017

Second Nature began as FilterEasy, a D2C subscription service to help homeowners remember to change air filters and has expanded into partnerships with HVAC companies, real estate agents, utilities and commercial properties. Its core products are recurring air filters and a new water‑filtration line launching with refrigerator filters; the company is positioning itself as a broader “home wellness” brand. The business reports hundreds of thousands of customers and around 150 employees, roughly two‑thirds of whom work in fulfillment and distribution across warehouses in Ardmore, OK and Wilson, NC. In response to COVID‑19 it has retooled manufacturing to produce masks for hospitals, with materials on hand to make ~800,000 masks and capacity to produce up to 2 million per month as materials allow. The company says demand has generally risen even as some commercial channels were hurt, and it plans to use new funding to expand, hire and advance first‑party products in R&D with an emphasis on product/process improvements and environmental benefits. FilterEasy is a subscription-based HVAC air filter fulfillment service launched in 2014 and based in Raleigh. It uses a proprietary web-based platform to guarantee correct-size HVAC air filters are delivered to a customer's doorstep so they may be replaced on a regular cadence. The service addresses the common problem of consumers forgetting to change air filters and aims to simplify that task so filters are changed "on time, every time." Proper filter replacement is presented as improving indoor air quality and human health, and the company cites potential reductions in monthly heating and cooling expenses of 5%–15%. FilterEasy announced a $6.9 million Series B1 financing led by One Better Ventures and joined by Lead Edge Capital. The company says the funding will be used for product innovation and development, expanding warehouse and fulfillment capabilities, and accelerating growth. FilterEasy is a Raleigh, North Carolina-based company offering a subscription-based HVAC air filter fulfillment service via a proprietary web-based platform. Co-founded by Thad Tarkington and Kevin Barry, the company focuses on residential HVAC filter subscriptions and fulfillment. Its filters are manufactured in the United States by AAF Flanders, the nation’s largest residential HVAC filter manufacturer and a supplier to NASA and U.S. hospital systems. In July 2017 FilterEasy raised $6.9M in a Series B led by Arsenal Venture Partners. The round brought the company’s total funding to $11.4M. The business operates as a direct-to-consumer subscription fulfillment service for residential HVAC filters. FilterEasy operates a subscription-based air-filter replacement service for homeowners, letting customers pick filter size and quality and choose how often replacements ship. The site offers over 40 filter sizes and three quality levels, and pricing is the same as retail but sold on a recurring basis. The company partners and co-locates with U.S. manufacturer Flanders to ship filters directly to customers at store cost. Since launching out of beta in March 2014, FilterEasy has signed up over 10,000 paying subscribers and is running at a revenue run rate of more than $1 million per year. The team of 13 plans to use new funding to expand marketing and is beta-testing a commercial program for businesses such as gyms and restaurants. FilterEasy was founded by former NCSU students Kevin Barry and Thad Tarkington and is based in Raleigh, N.C.; the founders participated in The Iron Yard accelerator in Greenville.

Participated · Equity · Apr 2016

Windsor Circle offers a predictive lifecycle and retention marketing platform that combines predictive algorithms, a retention analytics suite, custom segmentation, and behavioral tracking to build rich consumer profiles. The platform touts enterprise‑grade, guaranteed data integrations between eCommerce and marketing software and reports an average 10x ROI and a 17% lift in retention rates after 12 months for clients. Its customer base includes hundreds of global retailers such as L’Oréal, Johnson & Johnson, and Ghirardelli Chocolate, and case studies show substantial improvements in open rates, churn reduction, and repeat purchase rates. Windsor Circle plans to expand product development and enhance its data science and predictive capabilities while growing its sales and eCommerce professional services teams. The company also intends to deepen partnerships with platforms like Magento, Oracle, IBM, and Salesforce and increase industry visibility at events such as the Internet Retailer Conference and Exhibition. The firm currently employs about 80 people and is hiring across sales, client success, and professional services roles. Windsor Circle provides multichannel customer retention software that connects e-commerce platforms, email marketing systems, and other data sources to enable predictive customer analytics and automated lifecycle campaigns. Its platform supports big-data integrations, abandoned cart recovery, product recommendations, and other retention marketing automation. The product launched in mid-2011 and the company reports nearly tripling prior-year revenues in 2013 while counting close to 200 retailer clients. Named customers include Bonobos, Case-Mate, CafePress Services, Gaiam, SurfStitch, and Spangler Candy. Windsor Circle highlights strong client ROI and automation that frees marketing teams to focus on higher-value tasks. The company plans to extend its retention automation technology, expand into new channels and verticals, and grow its team and marketing efforts to meet increasing customer demand. The business is based in Durham, N.C. Windsor Circle’s Retention Marketing Platform connects eCommerce platforms, email marketing software, and other data sources to analyze customer purchase history and behavior, then automate segmentation, personalization, loyalty and product-recommendation email campaigns. The platform integrates with merchants’ existing email software to drive targeted thank-you, win-back and segmented campaigns. Clients cited include Karmaloop, SurfStitch, Case-Mate and Spangler Candy, which reported a major single-day revenue lift after using Windsor Circle’s analyses. The company says its clients have seen an average increase in repeat buyers of over 46% since 2012. Financially, Windsor Circle has raised more than $2.4M in venture and angel funding across three rounds, including an oversubscribed Series A Prime (A-1) that added roughly $950K. Management projects more than 200% growth in both revenue and clients by the end of 2013. Planned uses of the new capital include office expansion, 7+ new hires, and accelerated marketing, client acquisition and product development.

Participated · Series A · Aug 2013

Entigral Systems develops and sells TraxWare, a sensor automation platform that enables a new generation of sensor-based asset tracking applications primarily using RFID sensors for Manufacturing Execution Systems (MES). TraxWare supports capital and fixed asset tracking, work-in-process management, warehouse and supply chain management, and inventory replenishment. The company plans to use newly raised funds to expand corporate operations by hiring software developers and marketing and sales staff and to execute new marketing and sales programs. Entigral closed an over $500K first tranche of a $1.2M Series A financing, with a second tranche scheduled to close in 2014. The round was led by Piedmont Angel Network Three with participation from IMAF-Cape Fear, IMAF-RTP and Triangle Angel Partners; PAN's Tom Storrs will join the board of directors. Founded in 2003 by Allen Bennett and led by President and CEO Booth Kalmbach, the company is based in Raleigh, NC.