Wolfpack Chassis, a manufacturer and developer of chassis and chassis related components for the recreational vehicle, manufactured housing, and specialty chassis markets, announced the completion of a $625,000 round of financing with participation by Elevate Ventures.
According to a press release, the company has now raised over $1.4 million in capital since its inception, roughly $230,000 of which was provided by the Indiana Angel Network Fund, while the remaining capital was raised by Wolfpack Chassis from private individual investors. The Indiana Angel Network Fund is a seed and early-stage co-investment program under the U.S. Department of Treasury’s State Small Business Credit Initiative managed by Elevate Ventures in partnership with the Indiana Economic Development Corporation. The fund is dedicated to supporting and investing in innovative businesses with high growth potential in Indiana.
Robert Frost, CEO and co-founder of Wolfpack Chassis, started the company in 2011. Since then, the company has seen nearly three years of impressive growth.
“Wolfpack Chassis experienced tremendous growth in 2013, and we expect 2014 to be another breakthrough year” said Frost. He added “Wolfpack has scaled very quickly since this time last year, growing 50% in the fourth quarter of 2013.
“This latest round of funding will provide working capital and strategic investments that will help the company grow even more in 2014. It will also allow us to more than double our employee headcount, currently at 25. We’re excited about the future and are thrilled to have world-class investors, including Elevate Ventures, who believe in our vision and long term strategy” said Frost.
“We are extremely pleased with Wolfpack Chassis’ success.” said David Clark, Venture Partner at Elevate Ventures. Clark added “Less than three years ago, Wolfpack Chassis was an idea; today it is a successful company employing dozens of Hoosiers. Today’s announcement is proof positive that Indiana is committed to helping the entrepreneurial community by providing assistance to high growth companies like Wolfpack Chassis.”
To date, Elevate Ventures has realized a leverage ratio on its investment in Wolfpack Chassis in excess of 5-to-1. “What this means is that for every $1 invested by Elevate Ventures in this company, more than $5 was co-invested by private investors.” said Clark. “This kind of leverage is not only a testament to Wolfpack Chassis’ growth potential, but also to Indiana’s business friendly climate and our organization’s growing network of investors.”
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.”