Tampa and Naples, Florida: David Chitester, CEO of Seedfunders, and Tim Cartwright, General Partnerof the Adrenaline Venture Fund I, LP, announced today that the firms have formed a strategic
partnership designed to strengthen their mutual commitment to bridge the seed to early stage fundinggap and invest in high potential technology startups in Florida.By combining financial, technological and intellectual resources, the firms have expanded the depth and breadth of their influence, from both a capital and geographic perspective.
David Chitester, Seedfunders CEO, described the partnership: “Adrenaline Fund, and Tim Cartwright in particular, share our philosophy that seed stage companies offer the greatest impact for investors today. This partnership aligns our shared vision to capitalize on startups, an underserved and often overlooked investment market. While the risk factor can be greater at this stage, so are the potential rewards.”
According to a State Science & Technology Institute (SSTI) study entitled “Share of U.S. venture capital activity and per capita investment by state, 2010-2016”, Florida bounces between 7th and 18th place in the state rankings and never breaks into the top five. While Florida continues to grow its population and recently became the third most populous state behind California and Texas, population ranking has not translated into Venture Capital investment like it has for California, Texas and New York. Those three states finished in the top 5 of Venture Capital investment during the seven-year study with California finishing number one every year.
Florida’s inability to attract larger Venture Capital investment has been attributed to a disjointed seed and early stage funding environment that prevents the large numbers of Venture Capital ready
companies that Florida’s peers produce consistently year over year. Adrenaline and Seedfunders partnership is a pioneering effort to correct that imbalance. To solidify this partnership, the two
organizations completed a cross purchase agreement where the Adrenaline Fund made an equity investment in Seedfunders, while Seedfunders joined Adrenaline Fund as a limited partner.
Tim Cartwright, Chairman of the Adrenaline Fund said “As active early stage investors, it didn’t surprise me that both Dave Chitester and I decided to launch idea stage, seed capital investment firms around the same time. Even though seed capital is usually the first investor in a startup, it is the last frontier when it comes to options for private investors participate in funding Florida startups. I’m proud to solidify the partnership between our firms with a cross investment purchase. It documents our joint pledge to cooperatively work together to positively impact the startup community in the state of Florida and fund more companies!”