Bottorff says TVA 'pause' on nukes is timely

Expressing confidence that nuclear remains a TVA power option going forward, Nashville-based Chairman Denny Bottorff said it's a good time for TVA to pause and review its plans. Bottorff is also founder of Council Ventures, the Nashville-based VC. The TFP has it.

Venture roundup

Our 28 March NewsBits features news from Council Ventures, edo Interactive, University of Tennessee, Terry Esper, Kelly Tiller, Vaden Landers, crowd-funding, SimCenter and much more more, right here.

Earlier: REACH Call gets Council Ventures money

Augusta, Ga.-based REACH Call announced completion of a $5MM A round, led by Nashville-based Council Ventures. The startup is in telemedicine.

Nashville juice flowing in Health IT

Eighteen Nashville healthcare and technology executives share their ideas for seizing Nashville's momentum in the Health IT and informatics arena. Our first story deals with Nashville's rising level of pro-Health IT activity, including tantalizing comments about a start-up that one VC (who is associated with one of the new TNInvestco funds) says is definitely bound for Nashville. Our second story provides C-suite executives' views on what Nashville should do, to seize the moment.

Peat, Gatto, Chadwick on watching NVille Techies

Here's our story, also published by Digital Nashville, on how local VCs follow the efforts of local Tech innovators and entrepreneurs. Cited are Council's Gary Peat, Claritas' John Chadwick and Solidus' Vic Gatto.

TNInvestco: Bottorff says partners well-aligned

Speaking briefly with VNC this afternoon, Nashville-based Council & Enhanced Tennessee Fund Co-Founder Denny Bottorff, at left (co-founder also of Council Ventures) expressed confidence the TNInvestco program will, indeed, become a "model" for the nation, because it has extracted strengths from previous models (i.e., especially CAPCOs) and integrated them with novel features. Bottorff commended State officials for their innovativeness and management of the TNInvestco program and the associated competitive process, and said he and his partners with Enhanced felt their firms were from the outset well aligned with the TNInvestco goal of nourishing "transformational companies" that will contribute to the state's economy and to the well-being of Tennesseans. He added that while Council and Enhanced routinely work with companies and partners nationwide, the TNInvestco program will mean greater focus on Tennessee-headquartered companies. He said he and Katie Gambill will lead the new entity.

New boss at New Day

Council Ventures recently announced Edgardo (Ed) A. Mercadante (at left) has been appointed CEO of the venture-capital firm's portfolio company, New Day Pharmacy. Mercadante previously served as founder, chairman and CEO of Familymeds Group, Inc. (NASDAQ: FMRX); as founder and CEO of APP, Inc., a pharmacy benefits management company; and, as co-founder, president and CEO of Arrow Corporation, operating retail, clinic and institutional type pharmacies. Council said in a release that it expects Mercadante to produce strong gains at New Day, which was not long ago a distressed company. Mercadante also founded Dante Capital Management Investment and is a registered pharmacist. A BusinessWeek profile indicates he is a former member of the board of GNC Corp. and earned his bachelor's at Philadelphia College of Pharmacy and Science.

Council Venture med-devices play

2nd Ave.-baed Council Ventures announced today it led a $7.5MM B round for EndoChoice, an Alpharetta-based venture serving the endoscopy market. Coinvesting was existing investor River Cities Capital Funds. River Cities announced completion of an A Round of undisclosed amount in EndoChoice, less than four months ago. Council General Parter Grant Jackson and Operating Partner James Balkcom will respectively join the EndoChoice board and serve as chairman.

Council Ventures leads New Day round

Four-year-old New Day Pharmacy, based here, got a $10MM booster shot recently, when Nashville-based VC Council Ventures led a financing round. The item is here.

Council Ventures says NotifyMD exit profitable

Council Ventures announced today that its previously announced exit from Franklin-based NotifyMD was a cash deal and profitable, providing a "good return for our fund," according to General Partner Katie Gambill (at left). She told VNC the exit was the seventh from the 10-company portfolio of Council's first fund. She said that through its second fund, Council has thus far invested in two companies, the identities of which have not been disclosed. Since 1986, NotifyMD has provided call management services to physician group practices, hospitals, and integrated health systems. Coleman Swenson Booth and Jefferson Capital remain as investors in NotifyMD, following the recapitalization, with members of the management team. Noteworthy: Council's release about its profitable exit was disseminated by Jane Morris, co-founder of the Natick, Mass.-based Veritage Group, which is supporting Council Ventures' latest fund raise. Also as previously signalled, former NotifyMD CEO Gary Ferguson was succeeded by former COO John McDevitt, coincident with the recap and Council exit. Gambill previously served on the NotifyMD board.

Council Ventures adds VC from Research Triangle

One of Nashville's worst-kept secrets has been Council Ventures' addition of healthcare IT and services specialist Grant Jackson as general partner. Jackson joins from a Research Triangle Park-area VC. The story's here.

NV Busyness

Today's log shows that while Council Ventures is rumored to be approaching $90MM in its second fund, it also reportedly may lose a portfolio company, iKobo of Atlanta. Meanwhile, an ESPN-financed company has scooped-up two Nashville transactions companies... and over at Nashville Technology Council, there a changing of the guard, with Tod Fetherling taking the CEO post, following Jeff Costantine.