New venture studio aims to start 25-30 companies over next decade
A new venture studio has launched in Lehi with the intention of creating a new model for startup companies. The firm, Wingspan, also announced its first two investments and a partnership with Tech9, a custom software development company based in Ontario, Canada.
According to Josh Little, a managing partner at Wingspan, the company will offer a new model for company creation — an institutional co-founder that provides both capital and a turn-key team of product strategists, designers, engineers, marketers and recruiters to budding companies. Wingspan will invest $1 million to $2 million in each venture as a mix of cash and services in exchange for a minority stake in the company.
“We aim to build 25 to 30 great companies over the next decade,” Little said. “To accomplish this goal, we plan to raise a fund in the next 18-24 months after demonstrating a robust portfolio.”
Wingspan’s first investments are an acquisition of Volley, a video messaging app, and a partnership with Tactic, a hybrid workplace management app.
“Volley and Tactic are great first ventures as both have significant traction with fanatical user bases,” Little said. We’re also actively recruiting a co-founder for our third venture, a tech infrastructure company in stealth mode.”
“The best and brightest of Tech9’s 280 designers, engineers and project managers across the globe will work with Wingspan’s co-founders to build ventures faster than they thought was ever possible,” said Nick Stice, CEO of Tech9 and managing partner of Wingspan.