Raleigh venture capital firm closes in on $20 million fund

A year after launching its first committed fund, Raleigh venture capital firm Oval Park Capital is within a month or two of capping its $20 million raise.

While the fund will close shy of the initial target of $25 million, company founder Justin Wright-Eakes still calls it a victory when taking into account the economic disruption caused by the pandemic.

“Looking back on it, I’m really happy about what we’ve accomplished,” he said. “During the pandemic last year, I certainly had my moments where I thought about hanging it up.”

Already, Oval Park has been putting its money to work, making its first investments last year. Seven companies are in the fund’s portfolio, with two more pending. The portfolio could be at 10 by the end of the year, Wright-Eakes said.

So far, the firm has distributed about $6 million. The portfolio includes:

• Medicom Technologies

• ResoluteAI

• Grubbly Farms

• NALA Systems

• Emrgy

• FortifyData

• Talli

Wright-Eakes said the investment thesis is simple – targeted toward “deep technology,” not biotech or consumer goods.

“We’re looking for really disruptive technologies that are focused on health care, IT, fintech, cybersecurity, industrial technologies … anything that has a real chance to be a category leader,” he said.

So far, the firm has about 90 investors, and they're among those making referrals. All seven companies in its current portfolio were connected to Oval Park through referrals – though Wright-Eakes said he does take cold inquiries through the firm’s website.

Wright-Eakes founded Oval Park after spending years working at hedge funds in New York City. He returned to the Triangle to start his own firm in 2015. Oval Park began sponsoring its own deals through special purpose vehicles in 2018.