KWIPPED Receives $1.3M Investment
Wilmington-based KWIPPED Inc. has received an investment of $1.3 million from Live Oak Ventures, Wolfpack Investor Network, VentureSouth and the Angel Roundtable, according to a filing with the U.S. Securities and Exchange Commission.
Previously, Live Oak Ventures announced it was investing an undisclosed amount in KWIPPED to be used by the tech startup for recruiting new talent and adding suppliers.
Rob Preville, CEO and founder of KWIPPED said earlier this year that Wolfpack Investor Network, Venture South and the Angel Roundtable participated alongside Live Oak Ventures in the investment.
The startup raised all its goal funding amount through a private stock and equity offering, according to the filing.
KWIPPED is a B2B online marketplace for equipment rental and leasing that has raised a total of $2.16 million in the past two years.
In 2017, the company raised $579,809 in equity from 15 investors and, in another round that same year, it raised $272,500 in equity and debt from 10 investors.
KWIPPED is headquartered in downtown Wilmington.
Live Oak Ventures is a subsidiary of Live Oak Bancshares with a goal in investing companies that “support entrepreneurial companies fostering fintech growth in our local community,” stated a release.
Wolfpack Investor Network is an investment group from N.C. State University that brings together N.C. State alumni and innovative private companies, according to its website.
VentureSouth is an angel investment network that recently started a Wilmington chapter and is led by Rob Kaiser, its director.
The Angel Roundtable invests in late seed and early-stage companies with a Southeastern U.S. focus.
(Preville and Kaiser are part owners of KWIPPED. Preville is part owner of the Greater Wilmington Business Journal along with Kaiser, who is publisher of the Business Journal.)