A startup frame builder in Kendallville, Ind., has received $755,000 in seed funding from Elevate Ventures and private investors.
According to a press release, officials with Wolfpack Chassis LLC have leased space to manufacture chassis and chassis components for the RV and manufactured housing markets, aiming to start production this winter. CEO Robert Frost hopes the operation can start producing prototypes within the next week.
The company is looking to hire about 20 skilled welders and frame builders to work on two assembly lines. Eventually Wolfpack plans to expand its manufacturing into trailers and Class A chassis, as well as other chassis-related components, including slideout mechanisms.
Elevate’s $9.5 million Indiana Angel Network Fund (IANF), the source of Elevate’s investment in Wolfpack Chassis, provides seed capital to companies that “show the promise of solid market potential and are capable of accelerated growth to high-value exits.”
The investment has provided Elevate with one seat on the Wolfpack Chassis board. Prior to the investment, Elevate’s Entrepreneurs-in-Residence (EIRs) worked with company executives for some time to provide introductions to potential investors and offered information and resources to help them prepare for the seed investment round. The EIRs will continue to provide counsel to Wolfpack.
“It is very gratifying to receive financial support from Elevate Ventures,” said Frost. “In addition to the cash investment, it is extremely helpful to have professional guidance from their Entrepreneurs-In-Residence who can give us mentorship, introductions and a range of expertise.”