Top 6 Angel Investors and VC Firms in Rhode Island
When people talk about Rhode Island, they think about sandy shores and the peaceful environment.
But the state has a real startup scene, and it has money behind it. The most active angel investors and VC firms in Rhode Island are Allan Tear, Cherrystone Angel Group, Slater Technology Fund, RevUp Capital, RightHill Ventures, and Van Wickle Ventures. All six are based in Providence and back early-stage companies across software, life sciences, and consumer.
Angel Match currently lists 70+ investors based in Rhode Island, so the harder question is which ones actually write checks into local companies and how you get in front of them.
I researched and picked the ones with a verifiable Rhode Island track record. So, without any delay, here is the list of the top 6 angel investors and VC firms in Rhode Island.
Top 6 Angel Investors and VC Firms in Rhode Island
Following is a list of the top angel investors, angel groups, and venture capital funds headquartered in Rhode Island.
Allan Tear
- LinkedIn: Allan Tear
- Investor Type: Individual Investor
- Investment Interests: Tech, Healthcare, Education, and SaaS.
- Investment Stage: Early and Seed
Allan Tear is a Providence-based angel investor, the co-founder of the Betaspring accelerator, and co-founder and managing partner of RevUp Capital. Through Betaspring he worked with more than 80 high-growth startups, and that portfolio went on to raise more than $27M in follow-on funding.
Tear has founded three venture-funded startups of his own and has served as an advisor or board member for more than a dozen companies across the U.S. In 2012 the Rhode Island Foundation named him an inaugural Rhode Island Innovation Fellow, and he used the fellowship to launch RallyRI, a project aimed at building startup activity in sectors where the state was underbuilt.
When funding startups, Allan Tear seeks businesses that present unique solutions. He prioritizes companies that make life easier for their customers. Even founders without a long resume can secure an investment as long as the idea is strong.
One company backed by the funds he has run:
BirdBrain Technologies: A Carnegie Mellon spinout that makes the Finch robot and the Hummingbird robotics kit for K-12 classrooms. Both Betaspring and RevUp Capital are listed among its investors. BirdBrain was acquired by RW Thrive in July 2024.
Cherrystone Angel Group
- Website: Cherrystone Angel Group
- Investor Type: Angel Group
- Investment Interests: Life sciences, software, consumer, industrial technology, healthcare, and fintech
- Investment Stage: Early
Founded in 2004 and based in Providence, Cherrystone Angel Group is Rhode Island's first organized angel investment group. Its members are accredited investors who have built or run their own companies, with backgrounds in manufacturing, distribution, technology, and services. Many are serial entrepreneurs.
Cherrystone invests in early-stage companies primarily across New England, and it takes an active role after the check clears. The group describes itself as an active partner rather than a passive backer, bringing industry expertise and business skills to its portfolio companies.
PitchBook records 97 investments and 26 exits for the group. Cherrystone also runs an annual Pitch Night, where a handful of companies present to the full membership. Founders who want to be considered submit through the application form on the group's site.
Slater Technology Fund
- Website: Slater Technology Fund
- Investor Type: Evergreen not-for-profit seed fund
- Investment Interests: Life sciences, software, and energy
- Investment Stage: Pre-seed and seed
Slater Technology Fund was created by the State of Rhode Island in 1997 and is headquartered in Providence. It is the state's oldest and most active seed-stage investor, structured as an evergreen not-for-profit fund that recycles returns back into new ventures. PitchBook records 113 investments and 58 exits.
Slater looks for early-stage technology ventures founded by entrepreneurs with the vision and tenacity to build companies aiming at transformational impact. A large share of its portfolio comes out of Brown University and the University of Rhode Island, and the fund frequently assembles special-purpose vehicles to bring additional private capital into a single company. Thorne Sparkman is managing director.
Notable portfolio companies:
Medrobotics: A medical robotics company and the maker of the Flex Robotic System, a robotic surgical platform built for single-site and natural orifice procedures.
XM Therapeutics: A Brown University spinout developing extracellular matrix particle biologics for heart failure and pulmonary fibrosis. Slater led a $375,000 investment.
RevUp Capital
- Website: RevUp Capital
- Investor Type: Revenue-based, non-dilutive investment fund
- Investment Interests: B2B and B2C companies with repeatable revenue
- Investment Stage: Early stage, post-revenue
RevUp Capital was founded in 2016 by Allan Tear and Melissa Withers and is headquartered on Waterman Street in Providence. It was one of the first revenue-based funds in the world built for early-stage companies.
RevUp does not take equity. It invests cash and operational support in return for a small percentage of revenue over a fixed period, which means founders keep their ownership. Companies typically enter the portfolio with $500K to $3M in revenue, and RevUp works with them on the climb from $1M to $10M.
Since 2016 the fund has invested in more than 60 companies, and roughly 70% of them are led by women or people of color. Its typical check is $300,000 to $500,000.
One name from the portfolio:
BirdBrain Technologies: The educational robotics company behind the Finch and Hummingbird kits, acquired by RW Thrive in 2024.
RightHill Ventures
- Website: RightHill Ventures
- Investor Type: Venture Capital Firm
- Investment Interests: University research-driven ventures, life sciences, and technology
- Investment Stage: Seed
RightHill Ventures launched in February 2022, founded by the Slater Technology Fund and backed by a $300,000 grant from the U.S. Economic Development Administration. It is based in Providence and led by Slater's managing director Thorne Sparkman along with Slater director Bob Chatham.
The fund exists to solve a specific problem: research that could become a company often stalls between the lab and the first round. RightHill builds from a beachhead at Brown University, recruiting team members and technologists into a venture and then catalyzing the seed round through syndicates open to alumni and friends of the university community. It works alongside Brown's Nelson Center for Entrepreneurship, Brown's Technology Innovations Office, the Brown Angel Group, RI Bio, and NEMIC.
A representative deal:
MindImmune Therapeutics: A drug discovery company based at the University of Rhode Island in Kingston. RightHill committed $1.5 million inside a financing round totaling $12.4 million.
Van Wickle Ventures
- Website: Van Wickle Ventures
- Investor Type: Student-run evergreen venture fund
- Investment Interests: All industries, Brown and RISD affiliated founders
- Investment Stage: Pre-seed, seed, and Series A
Van Wickle Ventures is a student-run venture fund founded in 2019 at Brown University's Nelson Center for Entrepreneurship in Providence. It started with funding from Brown alumni Robert and Erna Place and invests out of the university endowment.
Students source and diligence companies through the school year, then present opportunities to an investment committee of alumni VCs from funds including Pear VC and Alumni Ventures, who make the final call. Checks run $25,000 to $50,000, and because the fund is evergreen, every return goes back in.
The catch is the eligibility bar: Van Wickle backs founders affiliated with Brown or RISD, whether students, alumni, or faculty. If that describes you, it is one of the most accessible checks in the state.
Wrap-Up
Before we end things, I would advise you to properly research angel investors and study some great examples of successful pitch decks. Rhode Island is a small ecosystem, which cuts both ways: fewer checks are available, but the people writing them are reachable and they talk to each other. Strong research increases your chances of securing an investment. When you are ready to reach out, the investor email tool will help manage your cold email investor outreach at scale.
Frequently Asked Questions
How much do Rhode Island angel investors and funds typically invest?
Check sizes vary widely by fund. Van Wickle Ventures writes $25,000 to $50,000 into Brown and RISD affiliated startups. RevUp Capital invests $300,000 to $500,000 on a revenue-share basis. Slater Technology Fund and RightHill Ventures lead or co-lead seed rounds, with RightHill committing $1.5 million to a single University of Rhode Island company.
Which industries do Rhode Island investors fund most often?
Life sciences and biotechnology dominate, largely because Slater Technology Fund and RightHill Ventures both source from Brown University and University of Rhode Island research labs. Software and energy follow. Cherrystone Angel Group casts the widest net, investing across life sciences, software, consumer, industrial technology, healthcare, and fintech.
How do you get in front of Rhode Island angel investors?
Cherrystone Angel Group accepts applications directly through its website and runs an annual Pitch Night. Slater Technology Fund and RightHill Ventures are reached most easily through university channels, including Brown's Nelson Center for Entrepreneurship and technology transfer offices. Van Wickle Ventures has a founder intake form for Brown and RISD affiliated companies.
Do you have to be based in Rhode Island to raise from these investors?
Not always. Slater Technology Fund is a state-created fund focused on building companies in Rhode Island, so location matters most there. Cherrystone invests across New England. RevUp Capital invests nationally and has been active in Boston, New York, Pittsburgh, and Washington, D.C. Van Wickle requires a Brown or RISD affiliation rather than a Rhode Island address.
Why do so few Rhode Island startups raise locally?
Rhode Island has a thin private venture capital layer. Most of the state's early-stage capital comes from a state-created seed fund, an angel group, and university-linked vehicles rather than a row of independent VC firms. Founders typically raise a local seed round and then look to Boston or New York for the Series A. Understanding startup stages helps you plan that handoff.
