2019ANNUAL REPORT

ANNUAL REPORTNashville Capital Network had a productive and insightful year in 2019. In the summer, we

updated our ‘Nashville Venture Capital Report’ to assess how activity in Tennessee compared

to the rest of the country. Private equity and growth capital availability reached new heights,

a trend that continues to benefit NCN’s investments. In 2019, NCN portfolio companies raised

more than $120 million in growth capital highlighted by investments in Groups360, Contessa

Health, and XOi Technologies. NCN Partners Fund added its seventh portfolio company, digital

sales and marketing company JumpCrew. And in October, NCN realized a great return when

Primus Capital led a recapitalization of Trilliant Health.

In the current market dynamic, NCN’s impact has become even more clearly pronounced. Early

stage companies benefit greatly by having strategic investors who help them optimize growth

opportunities. We leverage our roster of successful founders and executives to help the most

promising early stage companies accelerate growth, build connections, and create long term

value. This approach has led to strong returns for both our investors and stakeholders in

the community.

NCN is looking forward to 2020 with great excitement. With an expanded team in 2019 we

reviewed more opportunities than in any other year in the organization’s history. Our current

pipeline is robust and we are eager to find new companies for partnership. The continued

success and progress of our organization would not be possible without the commitment of

our Sponsors, Underwriters, Patrons, and investor partners. Thank you for your partnership.

SID CHAMBLESS CHASE PERRY

HIGHLIGHTS

49COMPANIES

SUPPORTED BY NCN

$79MINVESTED BY

NCN PARTNERS

$870MINVESTED IN NCN

SUPPORTED COMPANIES

$3BIN ENTERPRISE

VALUE ACHIEVED

SID CHAMBLESSMANAGING PARTNER

•  Managing Partner of NCN Angel Fund I, LP, NCN Angel Fund II, LP, Tennessee Angel Fund, LP and NCN Partners Fund, LP

• NCN Executive Director since 2003

• Former EVP of startup Surfari.com

•  Vanderbilt BA, MBA

MORGAN PISANODIRECTOR OF OPERATIONS

•  NCN Executive Coordinator since 2013

• Western Kentucky University BS

CHASE PERRYMANAGING PARTNER

•  Managing Partner of NCN Angel Fund I, LP, NCN Angel Fund II, LP, Tennessee Angel Fund, LP and NCN Partners Fund, LP

• NCN Director since 2010

•  Former VP of venture-backed FrontStream Payments

•  Former private equity analyst at Harbert Management Corp.

•  Hampden-Sydney BA, Vanderbilt MBA

JAY BAKERANALYST

•  Former Investment Banking analyst at Stephens Inc.

•  Rhodes College BA

THE TEAM

NCN INVESTORS ARE FOUNDERS AND

EXECUTIVES OF THE FOLLOWING COMPANIES

ACADIA HEALTHCARE

AIM HEALTHCARE

ALADDIN INDUSTRIES

AMERICAN ENDOSCOPY

AMYLIN PHARMACEUTICALS

AMSURG

ASURION

BRENTWOOD CAPITAL ADVISORS

C.B. RAGLAND

CONFIRMATION.COM

CASELOGISTIX

CENTURY II

CORRECTIONS CORP/CORECIVIC

CHANGE HEALTHCARE

CHINA HEALTH CARE

CHD MERIDIAN

CHOICE FOOD GROUP

CLAYTON ASSOCIATES

COGENT/HMG

COUNSEL ON CALL

COVENTRY CORPORATION

CVS CAREMARK

DIGITAL REASONING

DOLLAR GENERAL

ENABLECOMP

ENTERPRISE ELECTRIC

ENTERPRISE HOLDINGS

ENVOY

EQUITABLE SECURITIES

ESSEX TECHNOLOGY GROUP

GENERAL CARE

HARBERT MANAGEMENT

HCA

HEALTHAMERICA

HEALTHSPRING

HEALTHWAYS

HEALTHWISE OF AMERICA

HEOPS

HERITAGE HEALTH SYSTEMS

HOSPITAL AFFILIATES INTERNATIONAL

HOSPITAL MANAGEMENT PROFESSIONALS

INGRAM INDUSTRIES

INSPIRIS

IROQUOIS CAPITAL GROUP

JC BRADFORD

KRAFTCPAS

MCWANE INDUSTRIES

MEDINC

MEDSOLUTIONS

NATIONAL IMAGING AFFILIATES

NAVIHEALTH

NEIGHBORMD

NORTH AMERICA HOLDING COMPANY

NORTHWIND PARTNERS

O’CHARLEY’S

OPTUM

OUTPATIENT IMAGING AFFILIATES

OZBURN-HESSEY LOGISTICS

PASSPORT HEALTH

PINNACLE FINANCIAL PARTNERS

POPHEALTHCARE

PREMIER PARKING

PREMISE HEALTH

PROVINCE HEALTHCARE

PSYCHIATRIC SOLUTIONS

PURESAFETY

REGIONALCARE

REIT INVESTMENT GROUP

RENAL ADVANTAGE

REVPOINT HEALTHCARE

SHARECARE

SMS HOLDINGS

STANDARD CANDY

STERLING CARD SOLUTIONS

SURGICAL CARE AFFILIATES

SURGICAL HEALTH CORP

SYMBION HEALTHCARE

TEAMHEALTH

TENNESSEE BUN COMPANY

THOMPSON MACHINERY

TRITON BOATS

TRUXTON TRUST

VACO

WINDSOR HEALTH GROUP

NCN CO-INVESTORS INCLUDE

ADVANCE VENTURE PARTNERS

BCBS VENTURE PARTNERS

CHRYSALIS VENTURES

CIGNA VENTURES

COUNCIL CAPITAL

CREDIT SUISSE NEXT

DEERFIELD MANAGEMENT

ECHO HEALTH VENTURES

GREAT HILL PARTNERS

GOLDMAN SACHS

GROTECH

GV (GOOGLE VENTURES)

HARBERT MANAGEMENT CORP.

HCA

HEALTH ENTERPRISE PARTNERS

HEALTH VELOCITY

HERITAGE GROUP

HLM VENTURE PARTNERS

HUMANA

LEMHI VENTURES

LRVHEALTH

MARTIN VENTURES

NASDAQ

NORO-MOSELEY PARTNERS

OAK HC/FT

OPTUM VENTURES

PEAKSPAN

PRIMUS

RIVER CITIES CAPITAL FUNDS

SANTÉ VENTURES

SILICON VALLEY BANK

SQUARE 1 BANK

SSM PARTNERS

UNITEDHEALTH GROUP VENTURES

VOCAP INVESTMENT PARTNERS

Y COMBINATOR

DO

LL

AR

S

SEED$0 - $1M IN REVENUE

$1M - $5MINVESTMENTS

$5M - $15MINVESTMENTS

$15M - $50MINVESTMENTS

$0 - $1MINVESTMENTS

REVENUE

CASH FLOW

GROWTH$3M - $10M IN REVENUE

EARLY GROWTH$1M - $3M IN REVENUE

LATE GROWTH$10M+ IN REVENUE

TRADITIONAL VCGROWTH EQUITY VC

GROWTH EQUITY VCTRADITIONAL PRIVATE EQUITY

MEZZANINE LENDERSSENIOR LENDERS

ACCELERATOR PROGRAMSSEED FUNDS

FRIENDS & FAMILYANGEL INVESTORS

CAPITAL GAP

EARLY STAGE CAPITAL CONTINUUM

NC

N A

DV

ISO

RY

BO

AR

D TOM WYLLY (Chairman)

BRENTWOOD CAPITAL ADVISORS

VIC ALEXANDER KRAFTCPAS

HAL ANDREWS TRILLIANT HEALTH

JIM BAKER TRANQUILITY PARTNERS

TIM BEWLEY PINNACLE FINANCIAL PARTNERS

TYSON BICKLEY WALLER

BARBARA CANNON NUSIRT SCIENCES

RAY CAPP CONDUIT CORPORATION

SID CHAMBLESS NASHVILLE CAPITAL NETWORK

JOE COOK III MOUNTAIN GROUP CAPITAL

NANCY EVERITT HEOPS

BRIAN FOX CONFIRMATION.COM

JEFF FOX CHERRY BEKAERT

FRANK GORDON CROFTON CAPITAL

EMILY HAK INSPERITY

JOHN HARRISON HARBERT MANAGEMENT CORPORATION

PHIL HERTIK PRIVATE INVESTOR

MICHAEL HOLLEY BASS, BERRY & SIMS

HAYLEY HOVIOUS NASHVILLE HEALTH CARE COUNCIL

ERIC JOHNSON OWEN GRADUATE SCHOOL OF

MANAGEMENT, VANDERBILT UNIVERSITY

KRIS KEMP BASS, BERRY & SIMS

JIM KEVER VOYENT PARTNERS

JIM LACKEY ENABLECOMP

ROB LAIRD MAYNARD COOPER & GALE

JIM MEADE LBMC

ROB METCALF CONCERT GENETICS

ANU PARDESHI SUNTRUST BANK

CHASE PERRY NASHVILLE CAPITAL NETWORK

CHRISTOPHER RAND ANGELEYE HEALTH

CLINT SMITH EMMA

JOHN TITUS BRADLEY

BRADFORD VIEIRA SERVISFIRST BANK

PAUL WALLACE HERITAGE GROUP

BRIAN WALLER VACO

STEVE WOOD BAKER, DONELSON

2019 ACTIVITY

MAYNEW INVESTMENT

SEPTEMBERFOLLOW ON

JULYFOLLOW ON

OCTOBERFOLLOW ON

AUGUSTFOLLOW ON

OCTOBERRECAPITALIZATION

SEPTEMBERFOLLOW ON

NOVEMBERFOLLOW ON

$7MSERIES B

$20MSERIES B2

$11MSERIES C

$2.5MSERIES A3

$50MSERIES B

RECAPITALIZED BY:

$10MSERIES D

$32MSERIES D

AC

TIV

E H

OL

DIN

GS

AYCO | A GOLDMAN SACHS COMPANY

BONE MCALLESTER NORTON

CADENCE BANK

CAPSTAR BANK

CIBC BANK US

COUNCIL CAPITAL

DIVERSIFIED TRUST

DONNELLEY FINANCIAL SOLUTIONS

FIRSTBANK

HERITAGE GROUP

INFLAMMO

JONES LANG LASALLE

LIVE OAK BANK

LLR PARTNERS

MONTREUX GROWTH PARTNERS

PETRA CAPITAL PARTNERS

RIVER CITIES CAPITAL FUNDS

SANDBOX INDUSTRIES

SANTÉ VENTURES

SILICON VALLEY BANK

BUTLER SNOW

ENVISION HEALTHCARE

HARBERT MANAGEMENT CORPORATION

HEOPS

HUB INTERNATIONAL

PINNACLE FINANCIAL PARTNERS

PATRONS

UNDERWRITERS

SPONSORS

NOTABLE EXITS

APR 2013 NOV 2015

JULY 2017

OCT 2013 JULY 2016

SEPT 2017

OCT 2013 SEPT 2016

OCT 2017 JULY 2019 OCT 2019NOV 2017

ACQUIRED BY A JOINT VENTURE BETWEEN RECAPITALIZATION BYACQUIRED BY

ACQUIRED BY RECAPITALIZATION BY

ACQUIRED BY

RECAPITALIZATION BY ACQUIRED BY

ACQUIRED BY

ACQUIRED BY

ACQUIRED BY

RECAPITALIZATION BY

BU

ILD

ING

CO

NN

EC

TIO

NS

1) In August, NCN and NHCC hosted our annual panel discussion. 2) NCN’s Annual Meeting and Reception (February)

and 3) Fund Symposium (November) were well attended by local investors, entrepreneurs, and service providers.

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