Charlottesville Angel Network

Overview

The Charlottesville Angel Network (CAN) is an angel investment group of accredited investors supporting early-stage startups with high-growth potential. It has invested over $20 million in nearly 80 companies across sectors including SaaS, digital healthcare, biotech, aerospace, consumer products, clean energy, and food and beverages, primarily in seed to Series A rounds under $5 million, typically committing $100K–$300K per deal.¹²³

History

CAN was founded around 2014, with John E. McCray as a key founding board member whose leadership helped identify promising ventures like Palvella. In 2024, it celebrated its 10th anniversary, highlighting investments surpassing $20 million in nearly 80 startups and notable exits such as Dive Technologies acquired by Anduril Industries in 2022 for a 6x return. The network has provided capital, mentorship, and strategic guidance, contributing to Charlottesville's entrepreneurial ecosystem.¹²

Notable Products

• Dive Technologies - Autonomous underwater vehicles company; invested in 2020 rounds, acquired by Anduril Industries in 2022 for ~6x return.
• Palvella - Startup supported by founding member John E. McCray; early investors achieved up to 20x returns.

Reputation

CAN is recognized as a top angel group, ranked #8 in the US and #1 in the Southeast by deal volume in the 2022 HALO report, praised for strong returns like 20x and 8x multiples. Professionals note its role in fostering local innovation through capital and mentorship in Charlottesville's startup ecosystem. No major criticisms identified in available sources.³¹