West Virginia’s first accredited angel investor group—Country Roads Angel Network (CRAN)—had more good news to announce recently tied to several new developments. CRAN’s mission is to support new business creation in West Virginia by matching early-stage entrepreneurs with angel investors and providing mentorship and other assistance to help them succeed. To support its efforts, CRAN announced it has been awarded a $25,000 grant from Huntington National Bank. This follows on the heels of a two-year $150,000 grant from the Claude Worthington Benedum Foundation to support CRAN’s operations.
“I always say that West Virginia is the best place in the country to start a business,” says Chad Prather, Huntington regional president in West Virginia. “We are proud to support the Country Roads Angel Network and its commitment to helping entrepreneurs across the state access the funding and resources they need to launch a successful business.”
CRAN President Frank Vitale says the grant will be a great asset for CRAN to support the state’s entrepreneurial ecosystem.
“We are extremely grateful to Huntington for their generosity and commitment to entrepreneurship and supporting small businesses throughout West Virginia,” he says.
CRAN also announced the latest investment by its members: a $55,000 angel investment in Tensa Sports Inc, an AI-powered robotic tennis trainer, founded by Charleston native Logan Spears.
“As someone born and raised in West Virginia, it’s incredibly meaningful to have the support of CRAN, which shares a commitment to fostering innovation and growth in our state,” says Spears. “Working with CRAN has been an excellent experience—the team’s insights and suggestions have been invaluable in helping us transform Tensa’s vision into a reality.”
With the Tensa investment, CRAN has now actively supported eight start-up companies including two companies with second round funding. Total investments to date by CRAN are nearing $1.5 million and those funds have been leveraged to generate nearly $10 million in additional capital from others. CRAN’s investments have been in made in multiple sectors, including sustainability, broadband, arts, health, food and sports.
Prior to Tensa Sports, CRAN has made direct investments in these Mountain State companies: Iconic Air; Parthian Battery Solutions LLC; Endolumik, Inc.; Cox Telecom; Mountain Steer Meat Company; The Lite Sleeper; and O Pioneer, a film by creative studio Coat of Arms about modern day West Virginia pioneers. More CRAN investments are forthcoming in the next few weeks as CRAN is in the process of finalizing investments in several other West Virginia entrepreneurs.
As the new year begins, CRAN’s member base is nearing 40 including the Wheeling Area Chamber of Commerce in the state’s Northern Panhandle. Remarking on CRAN’s success, Kevin Combs, CRAN chair and co-founder noted, “In the fall of 2019, the idea of having an angel network in West Virginia became a reality. Creating CRAN required teamwork, strategic thinking, problem solving and execution. As we move into 2025, I am even more optimistic to see CRAN integrate further into the state’s entrepreneurial ecosystem. We will do this from a mix of resources including financial, brainpower, skill building and mentoring.”
