Welcome to our June Newsletter, which includes the following features:
Fund I Update
LP Meeting
Fund I Presentation
BSV Fund Advisory Board Member Profile
Oklahoma Business Roundtable Event
Entertaining Our LPs, PortCo Execs and Partners
We hope you enjoy this issue!
Fund I Update
As you know from recent emails, we've extended Fund I until December 31, 2024. (Sub-docs are due then; funds are due no later than 3/31/25.) Our goal is to bring our total fundraise up to $50 million. We recently engaged the services of an investment bank to help identify prospective new investors in the Fund.
To date, we've invested in 16 portfolio companies and made 14 follow-on investments. Most of the additional capital we raise is planned to be devoted to more follow-on investments in several of our most successful portfolio companies that might be exiting earlier than previously anticipated. Two of those portfolio companies are Luna and Wheeler Bio.
Luna is already America’s leading in-home physical therapy platform, with 3,000+ physical therapists in 55+ markets. It was named one of ”Most Innovative Companies in 2024” by Fast Company and one of ”America’s Best Startup Employers” by Forbes. Its Founder/CEO, Kris Duggan, has an impressive record of successful past exits with such companies as BetterWorks and Badgeville.
Wheeler Bio brings biologics drug innovators, discovery CROs, and CDMOs together to accelerate drug development. It was just named "Venture of the Year" by the Oklahoma Venture Forum and is projecting 2024 revenues to be close to 10 times 2023's level. One of its largest customers, Charles River, is also a major investor in the company and has a history of acquiring vendors it's made significant investments in.
In addition to making several follow-on investments, we'll likely invest in one or two new portfolio companies.
LP Meeting
On June 11, we held a Zoom meeting for our LPs. We were very pleased with the turnout, which was our largest ever.
Our agenda included:
A detailed Fund I Update
A discussion of how our Venture Studio by BSV differentiates us from other VCs and is helping our portfolio companies approve their performance
A discussion of our strategic partnership with the Norman Economic Development Coalition, our process for managing the Cleveland County Centurions (C3) Growth Fund, and our plans to move our headquarters to a much larger building that we'll share with the Coalition's Startup 405 incubator starting April 1, 2025
Fund I Presentation
On June 20 we hosted a lunch at BSV headquarters, where BSV Founder & General Partner James Spann gave a presentation to several prospective LPs detailing our Fund I plans. This included sharing our hypothetical estimates of how several follow-on investments could positively impact the valuation of Fund I.
If you'd like to schedule a Zoom call with James to see that presentation, just click the button below to contact his Executive Assistant, Eliza McCloy.
BSV Venture Studio Advisor John Hanak brings a remarkably diverse background to BSV and our portfolio companies, having held high-level positions in both the corporate world and academia while also having significant experience as both an entrepreneur and an advisor to entrepreneurs.
An Indiana native, John received a B.S. degree in Biology from Valparaiso University and a J.D. degree from the University of Illinois Chicago Law School. Afterconcluding a 22-year career with integrated steel company Ispat Inland Inc.(later Arcelor Mittal) as Vice President of Human Resources and Law, he was named President & CEO of Digital Innovations. Beginning in 2005, he spent the 16 years at the Purdue Research Foundation and Purdue University. There he was Statewide Director of the Purdue Technology Centers, a co-founder of the Purdue Foundry (an entrepreneurial hub spinning out over 40 startups each year), and founder/director of Purdue Ventures, the Foundation’s seed funding arm. After retiring from Purdue, John was recruited to become the Chief Innovation and Corporate Officer at the University of Oklahoma, from which he retired in February 2024. For the past 21 years, John has also been the Managing Director of North Riverside Partners, which he co-founded in 2003 to help entrepreneurs move innovations and technologies to the marketplace.
While at Purdue, one of the many faculty-developed technologies John supported was one designed to help growers better manage water, labor and other resources to improve crop yields and quality while reducing costs. A company, VinSense, was formed to commercialize the technology. After moving to OU, John became reacquainted with the technology’s inventor,OU Purdue professor David Ebert, PhD,(who had formerly been at Purdue)to OU. He introduced Dr. Ebert to Boyd Street Ventures, and in 2023 we invested in VinSense and helped arrange for its headquarters to relocate to Norman.
Following his February retirement from OU, John becameone of our five Venture Studio Advisors as well as the Interim CEO of VinSense. John’s familiarity with VinSense, coupled with his extensive experience as both an entrepreneur and an advisor to entrepreneurs, makes him the ideal leader to take on this important role.
Oklahoma Business Roundtable Event
James Spann and BSV VP Finance Kendall Tucker attended the June 12 Oklahoma Business Roundtable meeting in Tulsa. The event featured an insightful keynote by Governor Kevin Stitt and Lt. Governor Matt Pinnell highlighting the advantages of conducting business in Oklahoma. Both leaders are driving Oklahoma towards becoming a Top Ten state in various areas, including job growth, infrastructure, and education.
Moreover, the event hosted a compelling panel discussion moderated by Jesse McCool, Co-Founder/CEO of BSV portfolio company Wheeler Bio. The panelists included industry experts such as Carol Curtis, Ph.D., Co-Founder/CEO of BSV portfolio company Cadenza Bio; John Hanak, BSV advisor and Interim CEO of BSV portfolio company VinSense; Kathy Cullen, CPA, CFO of the Oklahoma Innovation District; Megan Gelmers, MBA, Development/Investment Manager of Robinson Park; and Mike Smith.
Shown below are (L to R) Kendall Tucker, BSV Fund Advisor Brian Cantrell, Governor Stitt, and James Spann.
Entertaining Our LPs, PortCo Execs & Partners
For the second straight year, we were happy to entertain LPs, portfolio company execs, and partners at the Korn Ferry Tour's Compliance Solutions Championship at OU's Jimmy Austin Golf Club June 20-24. We shared an air-conditioned suite overlooking the 18th green with VisitNorman.
One of the highlights of this year's tournament was a special appearance by the legendary Jack Nicklaus, shown below with BSV's James Spann.
