VentureSouth closes Angel Fund III.

VentureSouth has closed its third sidecar investment fund, the VentureSouth Angel Fund III, at a record pace, reaching its maximum target size of $5 million, according to a news release.

Raised during 2019, the fund allows its 82 investors to participate automatically in investments made by active VentureSouth members. It continues the investment strategy of its predecessor Fund I, which invested in 18 companies from 2014, and Fund II, which invested in 23 companies from 2016. The new fund coinvests when 10 or more VentureSouth members invest at least $100,000 in a candidate company, the release said.

The VentureSouth Angel Fund III already is invested in 11 portfolio companies. They include companies like Zylo Therapeutics in Greenville, Get Spiffy in Durham, N.C. and Outdoor Access in Richmond, Va.

"The third...