TNInvestco update

VNC updates TNInvestco investments right here.

Inova Payroll gets $1MM bump

More investment, now totaling $4.2MM, was announced today in Farsheed Ferdowsi's Inova Payroll, updated here.

TNInvestco fund's Silvercare lashup

TNInvestco fund Tennessee Angel Fund, an affiliate of Nashville Capital Network and the NCN sidecar fund, joined with FCA Venture Partners, an arm of Clayton Associates, to fund the B-round of incontinence-care specialist Silvercare Solutions. A quick take here.

Health IT: TN Angel fund says Shareable Ink relocating to Nashville

Nashville Capital Network's Tennessee Angel Fund, a TNInvestco-funded group, announced today it's investing in Shareable Ink, which has technology that uses digital pen and paper to translate clinicians' handwriting into digital content for injection into electronic medical records. The Martin Companies and Heritage Group Holdings are among investors, according to a release today. Boston-based Shareable Ink will relocate to Nashville. The round is a $4.5MM series A.

TNInvestco may sharpen headquarters provision

Sometime soon, the General Assembly may, as long anticipated, expand the initial round of TNInvestco, retroactively, to include two more firms. Along the way, legislators may also endorse Revenue Commmissioner Reagan Farr's request to strengthen requirements that any out-of-state ventures that receive TNInvestco funds must relocate their headquarters and principal operations to Tennessee. There'd been rumblings for months from several TNInvestcos that they were finding some out-of-state prospects very appealing. Although recruiting funds here may galvanize small-business advocates who feel there are too many incentives for non-indigenous businesses, already, the requirement would probably accelerate "jobs-creation," by transplanting jobs, rather than growing them from seed-stage. That change, in turn, could strengthen the case not only for a $40MM expansion of the program, but for yet a further increment of $40MM, bringing the total tax-credit value to $200MM. At the same time, some Republican legislators have indicated they are wary of expanding the TNInvestco program further before it has been reviewed for effectiveness, and before a new governor -- whom many think will be a Republican -- takes office in January. TNInvestco legislation has, thus far, been mainly bipartisan. Related story by Erin Lawley, in NashvillePost.

TNInvestco: Chambless speaks for NCN

Although the Tennessee Angel Fund, led by Nashville Capital Network Executive Director Sid Chambless, was named an as-yet unfunded Alernate in yesterday's TNInvestco winners announcement, the TNInvestco commissioners announced they'll be seeking additional funding from the General Assembly, come January, and the $40MM targeted could go to Chambless' and Solidus' groups. Meanwhile, Chambless told VNC yesterday, "We are pleased with the results of TNInvestco. Many of the winners already interface with our angel group so we believe NCN's stable of companies and pipeline of opportunities will have good exposure to the TNInvestco funds. Additionally, we believe the Tennessee Angel Fund is a nice complement to the other TNInvestcos and we are optimistic the additional two allocations will come to fruition." Chambless' 22 NCN board members include TNInvestco winner Council Ventures' Katie Gambill and Solidus' Townes Duncan.

Chambless heads new fund

Nashville Capital Network Executive Director Sid Chambless is now also managing partner of the newly christened Tennessee Angel Fund. Chambless also operates NCN Angel Fund I LP, a sidecar fund. The VNC story's here.