The 2 secrets to a thriving startup are:
A: A good investor
B: A scalable idea
But, even with a great initial idea, finding the right investor with identical business interests isn't easy. If you're building a software company in Tennessee, you need investors who understand the space, provide valuable connections, and help you scale.
The good news?
We've done the homework and prepared a list of Tennessee's top 9 angel investors.
Let's dive in.
Top 9 Angel Investors in Tennessee Who Invest in Software Startups
Here’s a quick table to summarize the list!
| Investor Name | Focused Sectors | Funding Stages | Notable Investments | Investment Range |
|---|---|---|---|---|
| Jesse Bland | Healthcare, technology-driven businesses | Early-stage | Lumere, Explorys, Relode | ~$200,000 |
| Matt Tome | Healthcare services, health technology | Early-stage | Upward Health | ~$50,000 |
| Sid Chambless | Technology (healthcare tech, new media) | Early-stage | Shareable Ink, Confirmation.com, Aspire Health | ~$100,000 |
| Dan Roselli | FinTech, InsurTech, HealthTech | Pre-seed, Seed | AleFi, VoiceScript (via CFV Ventures) | $100,000 - $500,000 |
| Jay Baker | Healthcare, software technology (health IT, fintech, SaaS) | Early/Seed | Digital Reasoning, Aspire Health, Bellhops | ~$500,000 |
| Gregg Michaelson | Healthcare IT, enterprise software (data analytics, patient engagement) | Series B, Series C | Health Recovery Solutions, Gambling.com Group, PurpleLab | ~$1M |
| Eric Satz | FinTech, alternative investments platforms | Early-stage | Alto (alternative asset IRA platform) | Up to $200,000 |
| David McClellan | Healthcare services, medical technology | Early-stage | ProSeed, Surgical Health Corporation | ~$50,000 |
| Vic Gatto | Healthcare innovation – services, devices, diagnostics, health tech, data | Seed-stage | Amblyotech (acquired by Novartis) | ~$100,000 |
Jesse Bland
- Focused Sectors: Early-stage healthcare and technology-driven businesses
- Present In: : Nashville, Tennessee
- Notable Investments: Lumere (healthcare decision software), Explorys (healthcare big data platform), Relode (healthcare staffing marketplace)
Jesse Bland is an active investor in Tennessee and a partner at Heritage Group. Before joining Heritage Group, Bland was an associate at Nashville Capital Network, concentrating on early-stage investments in healthcare and technology-driven businesses.
As an investor, Bland specializes in investments within the healthcare sector, targeting areas such as healthcare services, medical devices, biotechnology, and healthcare technology. He wants to invest in startups that are working on modern software challenges in the healthcare system.
The investment range of Jesse Bland is around $200,000.
Matt Tome
- Focused Sectors: Healthcare services and health technology (Heritage Group’s focus)
- Present In: Nashville, Tennessee
- Notable Investments: : Upward Health (in-home medical care provider) – Heritage Group led its Series B
Matt Tome is an active individual investor and the Vice President at Heritage Group. Before Heritage Group, Tome was an Associate in the Debt Capital Markets group at Stephens Inc., where he worked on leveraged finance transactions primarily in the private debt capital markets.
Tome's investment portfolio revolves around sectors such as software and health tech. He wants to invest in startups that have a strong idea and are solving problems.
The average check size of Matt Tome is around $50,000.
Sid Chambless
- Focused Sectors: Early-stage technology companies, with an emphasis on healthcare technology and new media
- Present In: : Nashville, Tennessee
- Notable Investments: Shareable Ink (digital health documentation), Confirmation.com (fintech audit confirmation platform), Aspire Health (home palliative care)
Sid Chambless is one of the most experienced and active individual investors in Tennessee. He is also the Managing Partner and Executive Director of Nashville Capital Network (NCN), an early-stage investment platform that supports high-growth companies.
Before establishing NCN, Chambless held positions as a Principal at Predators Holdings LLC and served as Executive Vice President at Surfari, Inc.
Since co-founding NCN in 2003, Chambless has always been connecting entrepreneurs with a network of over 130 professional investors, facilitating substantial investments into local companies.
He looks for early-stage companies with annual revenues between $1 million and $3 million, focusing on those raising their first round of professional capital. Chambless seeks startups with proven management teams and scalable business models.
The investment range of Sid Chambless is around $100,000.
Dan Roselli
- Focused Sectors: : Financial technology (FinTech), insurance technology (InsurTech), and related tech startups
- Present In: Charlotte, North Carolina
- Notable Investments: : Co-founder of CFV Ventures (61 fintech investments, e.g., portfolio companies AleFi and VoiceScript)
Dan Roselli is a prominent angel investor and the Co-Founder/Managing Director of RevTech Labs.
A little about his career: Roselli started marketing, working with major corporations such as General Mills, Colgate, and M&M's Mars. He later joined Bank of America, overseeing global brand marketing.
prefers startups in the fintech, insurtech, and healthtech sectors, seeking innovative solutions with strong growth potential. He invests primarily in early-stage companies, including pre-seed and seed rounds. Through RevTech Labs, he organizes accelerator programs and events, providing startups with mentorship and networking opportunities.
His investment range typically falls between $100,000 and $500,000. He has participated in 24 recorded investments.
Jay Baker
- Focused Sectors: Healthcare and software technology (e.g., health IT, fintech, SaaS)
- Present In: Nashville, Tennessee
- Notable Investments: : Digital Reasoning (AI analytics), Aspire Health (value-based healthcare), Bellhops (tech-enabled moving services)
Jay Baker is also an individual angel investor, best known as the co-founder and former President of Kohl's Department Stores. In 1986, he joined Kohl's as President, leading a management buyout and overseeing the company's growth from 40 to 350 stores, with revenues increasing from $280 million to over $6 billion before his retirement in 2000.
As an investor, Jay Baker wants to invest in startups that have chances of high growth and are at the early/seed stages. He usually makes his investments through accelerator programs or through fundraising platforms.
The investment range of Jay Baker is around $500,000.
Gregg Michaelson
- Focused Sectors: Healthcare IT and enterprise software (data analytics, patient engagement, marketing tech)
- Present In: Princeton, New Jersey
- Notable Investments: Health Recovery Solutions (remote patient monitoring), Gambling.com Group (online gaming platform), PurpleLab (healthcare data analytics)
Gregg Michaelson is a seasoned investor and executive with over 20 years of experience in investing in and operating growth-stage companies. He is currently a General Partner at Edison Partners.
Before joining Edison Partners, Michaelson served as CEO of Linkwell Health. He also held leadership roles at Rodale Inc., a prominent healthy living media and performance marketing company.
In his investment role, Michaelson invests in growth-stage companies, typically at the Series B and Series C stages. He focuses on startups within Healthcare IT and Enterprise Software, seeking companies that offer innovative solutions in data analytics, patient engagement, and marketing technology.
The investment range of Gregg Michaelson is around $1M.
Eric Satz
- Focused Sectors: Financial technology and alternative investments platforms
- Present In: Nashville, Tennessee (USA)
- Notable Investments: : Founder of Alto (alternative asset IRA platform)– raised $70 M Series B, and previously built an e-commerce company that sold for $560 M
Eric Satz is a seasoned entrepreneur and angel investor with a rich background in finance and startup ventures.
Currently, he serves as the Founder and CEO of Alto Solutions, a platform that democratizes access to alternative asset investments through self-directed IRAs.
Prior to founding Alto, Satz co-founded Currenex. He also established Tennessee Community Ventures (Tncv), a venture capital firm, in 2010.
Satz's investment preferences lean towards startups that offer innovative solutions in financial technology and personal finance sectors. He seeks companies that provide unique value propositions, have scalable business models, and are led by passionate, capable teams.
The investment range of Eric Satz can range up to $200,000.
David McClellan
- Focused Sectors: Healthcare services and medical technology ventures
- Present In: Nashville, Tennessee
- Notable Investments: : ProSeed (prostate cancer therapy centers – acquired in 2002), Surgical Health Corporation (outpatient surgery centers – acquired in 1998)
David McClellan is one of the most experienced investors and financial advisors with a robust background in healthcare and financial services. He is a Partner at Forum Financial Management, LP, where he focuses on wealth management and business development for financial advisors.
His professional journey includes significant roles in healthcare ventures. From 1986 to 1991, McClellan co-developed and managed over 50 physician/hospital outpatient ventures involving more than 5,000 physician investors.
McClellan usually looks for high-growth startups that are building modern software tech. He likes to invest in companies that can generate at least 2-4x ROI within the next 24-48 months.
The investment range of David McClellan is around $50,000.
Victor Gatto (Vic Gatto)
- Focused Sectors: : Healthcare innovation – healthcare services, medical devices, diagnostics, health tech, data analytics
- Present In: : Nashville, Tennessee
- Notable Investments: Amblyotech (digital therapeutics for vision, acquired by Novartis)
Being an experienced and active investor in Tennessee, Vic Gatto has a strong focus on healthcare and technology sectors. Since 2001, he has made over 200 investments in early-stage innovation companies, encompassing areas such as healthcare services, medical devices, diagnostic tools, technology, and data analytics.
Gatto co-founded Jumpstart Health Investors in 2014, serving as its Chief Investment Officer. Prior to this, he was a Partner at Massey Burch Capital Corp.
Gatto typically invests in seed-stage startups. He seeks companies that address real industry pain points and demonstrate potential for significant impact and growth.
The investment range of Vic Gatto is around $100,000.
Wrap-Up:
To sum up, Tennessee is home to a thriving ecosystem of angel investors who play a crucial role in funding and mentoring software startups.
From seasoned investors like Sid Chambless to hands-on mentors like Dan Roselli, these investors provide the capital and guidance needed to fuel innovation.
But before you start writing that first pitching email, always do strong homework on an investor’s background. Know his past investments, funding ranges, and preferred ROI.
Good luck!
