Indianapolis venture capital firm VisionTech Angels invested $2.88 million last year, nearly half a million more than 2022’s total, the firm announced Wednesday.
VisisonTech participated in 18 deals and gave out 157 checks. The company also had three exits with positive returns for investors in Allotrope, Smart Apply and Smart File.
“We had a really great year in 2023,” VisionTech Exectutive Director Ben Pidgeon said in a news release. “Company valuations were lower, investors had more leverage on deal terms, and thanks to our great syndication network in Indiana and across the country, we were able to participate in attractive deals on companies generating income and hitting key milestones.”
The firm added eight new portfolio companies, including West Lafayette-based Adipo Therapeutics, West Lafayette-based Amplified Sciences, Hammond-based FiberX, California-based Laxis, Michigan-based Mentavi Health, Arizonia-based NuvOx Therapeutics, Minnesota-based Pelvital USA, Inc. and Fishers-based Primary Record.
Pidgeon said the firm focused on startup leadership in 2023, highlighting Amplified Sciences CEO Diana Caldwell. Her company saw $165,000 from 21 investors during its fundraising round.
“It’s a great time to be an early-stage investor. Valuations will continue to shift lower and be more favorable to investors. Exit windows are expected to open up,” Pidgeon said. “Portfolio companies that survived 2023 are the ones with cash flow to carry them into the new year—there are no substitutes for profitability.”
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