It isn’t the first time Bull City Venture Partners re-invested in a successful startup founder, and it likely won’t be the last.
The Durham fund leads today’s $5 million fund-raise by mobile, on-demand car wash startup Spiffy, based in Morrisville. But just as interesting as the business this company bootstrapped to three southeast cities over the past three years is the man now leading it.
Serial entrepreneur and Spiffy co-founder Scot Wingo (who produces our annual Triangle Tweener list) took over as CEO late in 2016, helping to raise the round, close an acquisition and expand 2,500 miles away from the Triangle in Los Angeles. The partners at Bull City Venture Partners made a successful bet on Wingo’s previous company ChannelAdvisor in the mid-2000s when they ran BCVP predecessor Southern Capitol Ventures.
ChannelAdvisor eventually went public in 2013—Wingo still serves as chairman. BCVP also invested twice in Troy McConnell, founder of Batanga and later CEO of AudienceFuel, and Robin Smith, who founded Synthematix and later ArtusLabs, both of which were acquired.
Fund partners Jason Caplain and David Jones are vocal about their desire to fund repeat founders, especially those who’ve had successful exits.
The Spiffy round, which also drew investment from Durham’s Idea Fund Partners, a West Palm Beach car wash operator and San Francisco-based Industry Ventures (an investor in Twitter, Uber and Facebook), will help Spiffy expand its footprint beyond the Triangle, Charlotte and Atlanta.
First up is Los Angeles, where Spiffy started serving the 14,000 customers of Squeegy this week. Spiffy acquired the 18-month-old company to build its presence in the city. More on the acquisition and expansion to come, but for now, click through our timeline to learn more about Spiffy’s journey.