What 2ndF does

2ndF is a privately-held venture capital firm founded in 2022 and headquartered in North Carolina's Triangle region (Raleigh-Durham-Chapel Hill). The firm invests in two complementary theses: (1) applied-science startups in the Triangle, defined broadly as companies leveraging cutting-edge science to solve big problems, and (2) Black founders building technology companies nationwide. 2ndF describes its mission as the "cross-pollination of innovative learnings, strategic connections, and function-driven mentorship," positioning itself as a specialist capital-and-ecosystem provider rather than a generalist investor.

The firm's product offering is its investment partnership: capital, mentorship, and ecosystem support for early-stage applied-science and deeptech companies. 2ndF generates revenue through traditional venture fund management fees and carried interest, though no fund size, AUM, or fee schedule is publicly disclosed. Confirmed portfolio activity includes a $2M seed investment in iOrganBio (October 2025, AI-powered cell manufacturing platform), plus local investments in Codetta Bio (multi-omics biomarker tools), NATRX (coastal climate technology), VQ Biomedical (minimally invasive central venous catheter), and Voxel Innovations (precision electrochemical machining). The firm leverages proximity to NC State, Duke, and UNC-Chapel Hill — together receiving over $3B annually in federal research funding — as its structural source of deal flow.

2ndF is a lean 1-10 employee organization led by Bill Spruill (First Speaker/Founder), Jeff Manning (Second Speaker), Liam King (Partner & Chief of Staff), and John Landers (Partner), supported by Steph Shaner (Director of Special Projects) and Quavoris Wellington (Analyst). The firm has built a dense co-investor network that includes Duke Capital Partners, Wolfpack Investor Network, Hatteras Venture Partners, Triangle Tweener Fund, RTP Angel Fund, Harbright Ventures, and Cape Fear BioCapital. Its annual "Spotlight" publication functions as its primary content and thought-leadership asset, framing the Triangle's applied-science ecosystem and the startups within it. As of 2025, 2ndF is in its third year of investment activity with no disclosed fund close, parent company, or external institutional ownership.

Name

2ndF

Legal name

2ndF

Website

https://2ndf.org

Company type

Private

Founded year

2022

Operating status

Operating

Headcount range

1–10 employees

Short description

2ndF is a North Carolina Triangle-based venture capital firm founded in 2022 that invests in applied-science startups regionally and in Black-founded technology companies nationwide, providing capital, mentorship, and ecosystem support to early-stage deeptech founders.

Ownership category

akta.pro rank

Product category

Venture Capital

NAICS

Portfolio Management and Investment Advice (523940)

SIC

Investment Advice (6282)

akta.pro primary industry

Sector-Focused Venture Capital (Vertical Specialists) (FSANAAAD)

Keywords

• Venture capital investing
• Early stage funding
• Applied science startups
• Founder mentorship
• Ecosystem building

GTM type

B2B

Offering type

Services

Cost components

Personnel, Operations, Marketing or Sales

Marketing channels3 records

Core offering

2ndF is a venture capital firm that invests in and supports early-stage founders in two focus areas: applied science companies in North Carolina's Triangle region and Black founders building technology companies nationwide. The firm provides capital, mentorship, and ecosystem connections to underinvested founder populations, while also producing founder-focused media content through its "2ndF Spotlight" interview series.

Product overview

2ndF is a venture capital firm that partners with founders building applied science companies in the Triangle region of North Carolina, and with Black founders building technology companies nationwide. The firm does not offer a technology product but rather provides investment, mentorship, and ecosystem support to early-stage startups. The company's primary offering is its investment partnership and the annual 'Spotlight' publication highlighting Triangle-based deeptech companies.

Differentiator

Problem solved

Functional benefit

Products and services

• 2ndF Venture Capital Investment
• 2ndF Spotlight

Ideal customer profiles2 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Scale indicators3 records

Recent moves5 records

Expansion highlights4 records

Direct peers

• RTP Angel Fund: Research Triangle Park-based angel fund backing early-stage Triangle startups. Co-invests with 2ndF in Voxel Innovations, sharing a regional, science-adjacent thesis.
• Oval Park Capital: Triangle-based investor co-investing with 2ndF in Extellis and Phinite. Comparable as a regional seed/early-stage fund operating in the same ecosystem.
• Harbright Ventures: Triangle-focused venture investor active alongside 2ndF in Voxel Innovations. Comparable given shared regional mandate and similar early-stage check sizes.
• Wolfpack Investor Network (WIN): NC State's alumni-led angel network actively co-investing in Triangle startups. Co-invests alongside 2ndF in Voxel Innovations and VQ Biomedical, making it a direct regional peer.
• Hatteras Venture Partners: Long-standing NC-based early-stage VC investing in biotech and technology across the Triangle. Closest comparable given overlapping Triangle portfolio companies (e.g., co-investor with 2ndF's peers) and shared deeptech/healthcare focus.
• Triangle Tweener Fund: NC-based fund targeting 'tweener' stage companies in the Triangle. Co-invests with 2ndF in Voxel Innovations and Phinite, making it a direct peer in regional stage and geography.
• Duke Capital Partners: Duke University-affiliated student-led VC focused on Triangle-region deals. Co-invests with 2ndF in iOrganBio and shares the same ecosystem of university-sourced deal flow.

Regional players

• Piedmont Capital Investments: NC-based investor backing Triangle deeptech including DG Matrix. Comparable as a regional capital provider in the same geography and applied-science orbit.
• Cape Fear BioCapital: NC-based life-sciences-focused fund co-investing with 2ndF in iOrganBio. Highly comparable on biotech specialization though headquartered outside the Triangle.

Emerging players

• First Star Ventures: Early-stage fund that led the iOrganBio seed round where 2ndF participated. Comparable given shared biotech/seed-stage focus, though with broader geographic mandate.

Market position

Strengths4 records

Weaknesses4 records

Competitive moat4 records

Key risks5 records

Key highlights5 records

Customer concentration

• LinkedInlinkedin.com/company/2ndf

Revenue estimate

Valuation estimate

Number of profiles

Profiles6 records

Funding overview

Funding rounds

Investors

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

M&A

Investments4 records

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

Frequently asked questions about 2ndF