Investing in Charlottesville and beyond.

April 2025: $20M and Counting: CAN Celebrates 10 Years of Investing in Innovation & Multiple Exits

As we commemorate our 10th anniversary at the Charlottesville Angel Network (CAN), we reflect on a decade of dedicated support for early-stage ventures. Our collective efforts have resulted in over $20 million invested in nearly 80 startups, fostering innovation both locally and beyond.

Our strategic investments have led to significant successes, notably:

• Palvella Therapeutics: Our multi-round investments in Palvella Therapeutics, a company focused on therapies for rare genetic skin diseases, culminated in its merger with Pieris Pharmaceuticals in December 2024. The merged entity now trades on NASDAQ under the ticker PVLA. As of March 26, 2025, Palvella’s stock price stands at $27.93, approximately three times our initial investment price. Early investors have realized returns up to 20x, while those in later rounds have seen returns averaging around 8x. This achievement is a testament to the vision of our late founding board member, John E. McCray, whose leadership was instrumental in recognizing and supporting Palvella’s potential.

• Dive Technologies: Specializing in autonomous underwater vehicles, Dive Technologies was acquired by Anduril Industries in February 2022. Our strategic investments in March 2020 and subsequent follow-on rounds resulted in a combined return multiple of approximately 6x, underscoring our ability to identify and nurture high-potential startups.

Beyond providing capital, we are committed to enriching the entrepreneurial ecosystem through educational initiatives:

• “Getting Deals Done” Due Diligence Training: Offered biannually, this program educates both investors and entrepreneurs on the intricacies of due diligence, fostering informed decision-making within the startup community.

• Ascending Angels: This initiative provides women with opportunities to learn about angel investing in a supportive and informal setting, promoting diversity within the investment community.

• Associates Program: Aimed at individuals not yet accredited but eager to delve into angel investing, this program offers training and hands-on experience contributing to due diligence and supports various group activities, cultivating the next generation of informed investors.

As we celebrate this milestone, we honor the legacy of John McCray, whose unwavering dedication and keen insight were foundational to our success. His contributions continue to inspire our mission of empowering entrepreneurs, creating liquidity events for investors, and driving innovation. We look forward to continuing our role as a catalyst for growth and innovation in the years to come.

CAN Named Among Most Active Angel Groups in U.S. and in the Southeast Region

• The 2021 HALO Report named CAN the 9th most active angel group in the U.S. by number of closed deals
• Both the 2021 HALO Report and 2018 HALO Report named CAN the #1 most active group in the Southeast region by number of closed deals
• and #2 in it’s 2017 and 2016 Reports and #3 in its 2019 Report
• The Angel Capital Association’s 2019 ACA Angel Funders Report, named CAN the 6th most active group in the US for number of closed deals in 2018 

The Charlottesville Angel Network believes a thriving entrepreneurial culture can be built in Charlottesville. The city has strong innovation, talent and available capital.

We invest to foster a business environment where entrepreneurs grow, thrive and enrich the community. We strive to educate investors and entrepreneurs, and to cultivate and attract new business ideas. With our investment, more companies stay local or join the community. For Charlottesville, that means a more dynamic business environment, new jobs, and a richer community.

CAN members meet monthly to invest as a group in early-stage companies. We raise investment capital on a deal-by-deal basis. When there is enough interest from our members, we create a sole-purpose LLC as an investment vehicle and write a group check from one entity.

CAN invests in seed, angel, and friends & family rounds in promising startups raising less than $5MM. We typically invest $100K – $300K in a round and frequently partner with co-investors on Series A and B rounds.

As with our members’ backgrounds, our investment and industry interests vary widely. Our investment portfolio includes: SAAS, digital healthcare, biotech, consumer products, clean energy, Ed Tech, and more.

We have a soft-spot for Virginia-based companies, over half of our investments are in Virginia, but we are open to great startups wherever they may be. We seek to build strong relationships with the startups we fund, often before we even fund them. We value those relationships more than proximity.

We, as a group and individually, collaborate with numerous other angel groups and funding sources to find the best startups. We also work to champion our investments with our network.

How Does CAN Select Deals?

Our screening committee, comprised of our members, meets monthly to review applications and selects 3 companies to present to CAN members each month.

How to Apply to CAN for Funding:

CAN uses an online angel group platform called Gust.com, which entrepreneurs use to apply to CAN for funding. Entrepreneurs can create a company profile on Gust.com and submit it to CAN and other angel groups.

Apply Now Via Gust

CAN recommends the following resources for entrepreneurs applying for funding and anyone considering membership in our network.

Charlottesville Angel Network Celebrates 10 Years, Surpasses $20 Million in Investments

As we commemorate our 10th anniversary at the Charlottesville Angel Network (CAN), we reflect on a decade of dedicated support for early-stage ventures. Our collective efforts have resulted in over $20 million invested in nearly 80 startups, fostering innovation both locally and beyond.

Our strategic investments have led to significant successes, notably:

• Palvella Therapeutics: Our multi-round investments in Palvella Therapeutics, a company focused on therapies for rare genetic skin diseases, culminated in its merger with Pieris Pharmaceuticals in December 2024. The merged entity now trades on NASDAQ under the ticker PVLA. As of March 26, 2025, Palvella’s stock price stands at $27.93, approximately three times our initial investment price. Early investors have realized returns up to 20x, while those in later rounds have seen returns averaging around 8x. This achievement is a testament to the vision of our late founding board member, John E. McCray, whose leadership was instrumental in recognizing and supporting Palvella’s potential.

• Dive Technologies: Specializing in autonomous underwater vehicles, Dive Technologies was acquired by Anduril Industries in February 2022. Our strategic investments in March 2020 and subsequent follow-on rounds resulted in a combined return multiple of approximately 6x, underscoring our ability to identify and nurture high-potential startups.

Beyond providing capital, we are committed to enriching the entrepreneurial ecosystem through educational initiatives:

• “Getting Deals Done” Due Diligence Training: Offered biannually, this program educates both investors and entrepreneurs on the intricacies of due diligence, fostering informed decision-making within the startup community.

• Ascending Angels: This initiative provides women with opportunities to learn about angel investing in a supportive and informal setting, promoting diversity within the investment community.

• Associates Program: Aimed at individuals not yet accredited but eager to delve into angel investing, this program offers training and hands-on experience contributing to due diligence and supports various group activities, cultivating the next generation of informed investors.

As we celebrate this milestone, we honor the legacy of John McCray, whose unwavering dedication and keen insight were foundational to our success. His contributions continue to inspire our mission of empowering entrepreneurs, creating liquidity events for investors, and driving innovation. We look forward to continuing our role as a catalyst for growth and innovation in the years to come. READ MORE..