Charlotte Angel Fund

What Charlotte Angel Fund does

Charlotte Angel Fund (CAF) is a member-driven angel investment group founded in late 2013 and headquartered in Charlotte, North Carolina, operating as one of North Carolina's most active angel investor groups and Charlotte's largest source of capital for high-aspiration startups. The fund runs three successive pooled committed-capital vehicles — CAF I (2013-2016, deployed 2014-2017), CAF II (2017-2021, deployed 2017-2023), and CAF III (2022-present) — through which approximately 180 accredited investor members collectively evaluate and fund pre-seed and seed-stage companies, primarily in North Carolina and adjacent states. Members commit a minimum of $35,000 to CAF III, screen companies on an ongoing basis, vote on investments after a structured 20-minute pitch plus 30-day due diligence cycle, and may make additional non-fund add-on investments on a deal-by-deal basis.

The fund's core "product" is the investment vehicle itself plus the deal-sourcing, screening, and due-diligence infrastructure administered by full-time operators Greg Brown (Administrator of CAF I, II, III) and Camille Cunningham (Director of Operations). Investments are made as equity or convertible debt with initial ticket sizes of roughly $50,000-$250,000 per company, and the governance is provided by a Board of Directors including operators with backgrounds at Bank of America, Wells Fargo, ScentAir, DealCloud (acquired by NASDAQ-listed Intapp), SignUpGenius, Six Flags, and Bain & Company.

Revenue mechanics for the fund are non-operating: returns are generated through portfolio company exits including sales, mergers, and public equity events, distributed back to members net of any retained economics. Reported outcomes to date include 40 portfolio companies invested, 7 acquired by strategic buyers, 1 public-market exit, 6 ceased operations, and 26 still active. Cumulative fund capital plus add-ons is approaching $15 million, with CAF I delivering a 1.44x DPI and 1.67x TVPI, CAF II a 0.91x DPI and 1.76x TVPI, and CAF III at 0.91x TVPI as of December 2025 — with much of CAF I and CAF II distributions driven by a single portfolio company exit.

Name

Charlotte Angel Fund

Legal name

Charlotte Angel Fund

Website

http://cltangelfund.com

Company type

Private

Founded year

2013

Operating status

Operating

Headcount range

11–50 employees

Short description

Charlotte Angel Fund is a member-driven angel investment group founded in 2013 and headquartered in Charlotte, NC, pooling capital from approximately 180 accredited investors across three successive funds to fund pre-seed and seed-stage startups in North Carolina and adjacent states.

Ownership category

akta.pro rank

Product category

Angel Investing / Early-Stage Venture Capital

NAICS

Other Investment Pools and Funds (5259)

SIC

Investment Advice (6282)

akta.pro primary industry

Micro-VC & Angel Funds (FSANAAAI)

Keywords

• Angel investing
• Early stage capital
• Seed stage investment
• Venture capital
• Accredited investors

Headquarters

HQ city

Charlotte

HQ country

United States

HQ region

North America

Offices1 record

Markets served

GTM type

B2C

Offering type

Services

Cost components

Personnel, Operations

Revenue model

1. Investment Returns: Returns generated through equity investments in early-stage companies. The fund earns returns when portfolio companies achieve exits through sales, mergers, or public equity offerings. Members receive distributions based on fund performance and may make additional add-on investments in individual deals.

Pricing tiers

Go-to-market motion1 record

Distribution channels2 records

Marketing channels4 records

Core offering

Charlotte Angel Fund is a member-driven angel investment group that pools committed capital from accredited investors across three successive funds (CAF I, CAF II, CAF III). Members collectively evaluate, conduct due diligence on, and vote to invest in pre-seed and seed-stage companies based primarily in North Carolina and adjacent states. Beyond pooled fund participation, members may make additional add-on investments in individual portfolio companies on a deal-by-deal basis.

Product overview

Charlotte Angel Fund (CAF) operates as a member-managed angel investing group rather than a software product company. It offers three successive investment funds (CAF I launched 2013, CAF II launched 2017, CAF III launched 2022), each a pooled committed-capital vehicle through which members collectively vote on early-stage equity and convertible debt investments in pre-seed and seed-stage companies. The funds are not modules of a unified platform; they are chronologically successive, self-contained funds. Alongside fund participation, members may make add-on investments in individual portfolio companies on a deal-by-deal basis. CAF's primary offering is the investment vehicle itself, supplemented by deal sourcing, screening, due diligence facilitation, and access to local venture events and networking.

Differentiator

Problem solved

Functional benefit

Named customers5 records

Segments2 records

Ideal customer profiles2 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Scale indicators7 records

Recent moves6 records

Expansion highlights4 records

Direct peers

• Triangle Angel Partners: Research Triangle Park, NC-based angel group investing in seed and early-stage companies across the Carolinas. Closest geographic peer to Charlotte Angel Fund, often co-investing or competing for the same NC-based startups.
• Band of Angels: Silicon Valley-based member-managed angel fund founded in 1994, one of the largest and oldest angel groups in the US. Comparable member-managed structure and pre-seed/seed focus, though based in a more mature startup ecosystem.
• Piedmont Angel Network: Greensboro/Winston-Salem, NC-based angel investor network focused on early-stage investments in North Carolina. Competes with Charlotte Angel Fund for NC deal flow and accredited investors in the Triad region.
• Tech Coast Angels: One of the largest and most active angel investor networks in the US, based in Southern California. Comparable member-managed structure, monthly screening meetings, and pre-seed/seed focus across multiple sectors.
• New York Angels: Member-managed angel investor group in New York City making seed and Series A investments. Operates under a similar collective due diligence and voting model as Charlotte Angel Fund, but at larger scale and in a different geography.
• Queen City Angels: Charlotte, NC-based member-managed angel investor group making early-stage investments in the Carolinas. Directly competes with Charlotte Angel Fund for the same regional deal flow, accredited investor membership, and Carolina-based founders.

Others

• NC IDEA: North Carolina-based private foundation providing grants and pitch competitions to NC startups. Complementary rather than competitive — Charlotte Angel Fund board member Spencer Disher serves as Chair — and often a deal-flow source for CAF.

Regional players

• Atlanta Technology Angels (ATA): Atlanta-based angel investor group focused on Southeast US early-stage technology companies. Operates in overlapping geography to Charlotte Angel Fund and competes for high-quality regional deals.
• Southeast Angel Capital Investors (Angel Capital Association members): Network of angel investor groups across the Southeast US. Charlotte Angel Fund is a member; comparable regional angel groups include Atlanta Technology Angels and Carolina Angel Network, providing benchmark deal flow and co-investment opportunities.

Emerging players

• Hustle Fund: Pre-seed and seed-stage venture fund often competing for the same check sizes ($50K-$250K) and stages as Charlotte Angel Fund. Represents the newer model of organized angel/seed investing that competes with traditional angel groups for high-quality early deals.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat4 records

Key risks6 records

Key highlights7 records

Customer concentration

• Xx.com/CLTAngelFund

Revenue estimate

Valuation estimate

Number of profiles

Profiles12 records

Funding overview

Funding rounds1 record

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments23 records

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Charlotte Angel Fund