Top Angel and VC Investors in Vermont in 2026

Vermont’s top angel investors and venture capital firms include Lee Bouyea, Peter Hershberg, and T.J. Whalen of FreshTracks Capital, alongside North Country Angels, FreshTracks Capital, Gaingels, and the Vermont Center for Emerging Technologies (VCET). Together they back early-stage companies across software, consumer products, food and beverage, and clean technology.

In 2006, Vermont was named the Nation’s Smartest State because of its high literacy rate. As time passed, the state’s startup culture cooled, and Vermont wasn’t even in the discussion about the best-ranking states for startups until 2020.

But thanks to angel investors, we are seeing the rise of the startup culture again. Even though Vermont may not become a rival for Silicon Valley or Austin in terms of growth, the state is still supported by a small but active group of angel investors and venture capital firms.

Thinking about who these investors might be?

Here is the list of the top angel investors and VC firms in Vermont, along with their investment interests. 

Top 7 Angel Investors and VC Firms in Vermont

Following is the list of the top-ranked angel investors, angel groups, and venture capital firms in Vermont. 

Lee Bouyea

• LinkedIn: Lee Bouyea
• Investor Type: Individual Investor
• Investment Interests: Software and Technology
• Investment Stage: Early and Seed

Lee Bouyea is the most prominent and well-known angel investor in Vermont. He is General Partner and Managing Director at FreshTracks Capital, where he focuses on software and technology investments, and he was previously an early employee at Ebates, the consumer platform Rakuten acquired for $1 billion in 2014.

Bouyea currently leads FreshTracks’ investments in several Vermont companies, including these three:

Benchmark Space Systems: The company’s proprietary and patented thruster technology is designed to provide propulsion solutions for small satellites. This includes propulsion for CubeSats, which are a type of miniaturized satellite for space research.

Resonant Link: The company’s wireless charging systems are designed to be fast and easy to use. They use a unique resonant energy transfer technology, which allows for efficient power transfer over distance. 

InfiSense: The company’s IoT platform provides real-time data collection and analysis. This can help businesses optimize operations, increase efficiency, reduce resource use, and save money. 

Peter Hershberg

• LinkedIn: Peter Hershberg
• Investor Type: Individual Investor
• Investment Interests: Ad-tech and Consumer Internet
• Investment Stage: Early Stage

Peter Hershberg is an entrepreneur, company advisor, and active angel investor based in Dorset, Vermont. He has successfully founded, funded, and exited several start-ups over more than twenty years in online advertising and technology, and he co-founded the search and social media marketing firm Reprise Media, which was acquired by Interpublic Group in 2007.

As for investment interests, Hershberg generally invests in young, emerging companies with a focus on ad-tech or consumer internet. His portfolio includes approximately 20 startups since 2009. Some of his previously funded startups are:

Bitly: Bitly is a link management platform used for shortening and tracking links across social networking, SMS, and email. The company’s platform allows users to collect, organize, shorten, and share links via websites and browser extensions.

Chartbeat: Chartbeat is a content intelligence platform for publishers. Chartbeat offers real-time insights, historical benchmarking, optimization, and reporting to increase audience growth, subscriber revenue, and the impact of editorial workflows.

Yipit: Yipit, doing business as YipitData, operates as a market research firm. The company offers a daily report to users that summarizes and analyzes deals pulled from other websites and service providers based on the users’ location and interests.

T.J. Whalen

• LinkedIn: T.J. Whalen
• Investor Type: Individual Investor
• Investment Interests: Consumer Products, Food and Beverage, and Outdoor Recreation
• Investment Stage: Seed and Early Stage

T.J. Whalen is an angel investor as well as a General Partner and Managing Director at FreshTracks Capital. He focuses his efforts on consumer opportunities for the fund. 

T.J. Whalen brings 30-plus years of consumer product strategy, brand, marketing, and sales leadership to FreshTracks. Prior to joining the firm, he was Chief Strategy Officer for Keurig Green Mountain, where he served in a variety of roles over 13-plus years.

Aside from his fund investments, T.J. Whalen also serves on the boards of several of FreshTracks’ portfolio companies, including these three:

Caledonia Spirits: Caledonia Spirits is a craft distillery. The distillery is known for its Barr Hill-brand spirits, including gin, vodka, and an Old Tom gin called Tom Cat. 

Zero Gravity Brewing: Zero Gravity is a Burlington, Vermont craft brewery and taproom known for its rotating lineup of ales and lagers.

Ogee: Ogee is a commercial-stage beauty company. The brand focuses on providing certified organic, high-performance skincare and makeup products made from sustainable ingredients.

North Country Angels

• Website:North Country Angels
• Investor Type: Angel Group
• Investment Interests: Generalist, with a focus on early-stage companies across the northeastern United States
• Investment Stage: Early Stage and Seed

North Country Angels (NCA) is Vermont’s primary angel investment group. The Burlington-based group brings together successful, experienced entrepreneurs who meet monthly to review business plans and make individual investment decisions in early-stage and seed-stage companies across the northeastern United States.

Members often take an active role in the companies they back, from board seats to hands-on help with management and strategy. Founders can submit a business plan directly through the group’s website for monthly review.

FreshTracks Capital

• Website: FreshTracks Capital
• Investor Type: Venture Capital Firm
• Investment Interests: advanced manufacturing, B2B software, consumer products, digital media, energy, food and beverage, and medical technology
• Investment Stage: Seed and Early Stage

FreshTracks Capital was founded in 2000 by Cairn Cross and Charlie Kireker. The firm is headquartered in Shelburne, Vermont, and draws on the resources of more than 120 limited partners. 

FreshTracks primarily focuses on seed and early-stage investments across its five funds, which together total more than $50 million and have backed more than 55 Vermont-based companies.

Some of their portfolio companies are:

Faraday: A B2B cloud software provider that uses ethical artificial intelligence to help direct-to-consumer companies make predictions using responsible data.

Mamava: They deliver design solutions for nursing mothers on the go, making the world a friendlier place to pump or breastfeed.

DealerPolicy (now Polly): Provides auto dealers with a digital platform where customers buy insurance at the same time that they buy their car.

Ogee: Crafts luxury organic skincare and beauty products powered by Jojoba seed oil and Edelweiss Flower plant stem cells.

Gaingels

• Website: Gaingels
• Investor Type: Venture Capital Firm
• Investment Interests: Companies with diverse and underrepresented, including LGBTQIA+, leadership
• Investment Stage: Seed through Growth

Gaingels is a venture capital firm headquartered in Burlington, Vermont. It was co-founded in 2014 by David Beatty and Paul Grossinger and invests, often through syndicates alongside other lead investors, in companies with diverse and underrepresented leadership, including LGBTQIA+ founders and executives.

Because Gaingels typically co-invests alongside other funds rather than leading rounds on its own, it’s a firm to keep in mind once you already have a lead investor in place.

Vermont Center for Emerging Technologies (VCET)

• Website: VCET
• Investor Type: Venture Capital Fund
• Investment Interests: Vermont-based, technology-enabled companies (restaurants, retail, and real estate are not eligible)
• Investment Stage: Seed and Early Growth

VCET is a Burlington, Vermont nonprofit that runs Vermont’s two evergreen venture capital funds. Its Vermont Seed Capital Fund has backed more than 35 Vermont companies since 2010, and its newer Vermont Growth Fund 2 launched in 2024.

Beyond capital, VCET pairs its investments with free business advisory services, mentorship, and coworking space for Vermont founders. Firms are evaluated on team, technology, timing, and deal terms rather than a formal pitch deck process.

Wrap-Up:

Summing up, even though Vermont has gone through a decline in businesses, investors are still funding startups, and there is again a new chance for new brands to shine.

Just prepare a good pitch deck, browse our full list of Vermont angel investors, do strong research, and secure investments from the right partners. 

Frequently Asked Questions

Is it possible for a startup to survive five years?

It depends on the business. Federal data shows about 20% of U.S. startups fail in their first year, and roughly half don’t reach year five.

But with a strong idea, the right approach, and access to sufficient resources, there is no reason your startup can’t survive five years and beyond.

How Do Angel Investors Help Businesses Grow?

Angel investors play a crucial role in the growth of businesses by providing essential funding during the early stages. Their financial support enables startups to develop products, scale operations, and expand their market reach. Moreover, angel investors bring valuable expertise and networking opportunities, contributing to the overall success and sustainability of the ventures they back.

What industries do Vermont’s angel investors focus on?

Vermont’s angel investors and funds tend to favor software and B2B technology, consumer and food and beverage products, and clean and outdoor-focused businesses, reflecting the state’s manufacturing, agriculture, and outdoor recreation base. Several also back diverse-led startups and Vermont-founded companies specifically.

What are different startup stages?

Startup stages are the evolution of a business, including ideation, validation, and development. Understanding these stages helps entrepreneurs measure risk, ROI, and progress.