IMAF Charlotte and PAN Announce Funding of Virtual Race Bags

Online PR News – 12-April-2012 – IMAF-Charlotte (IMAF) and the Piedmont Angel Network (PAN) are pleased to announce the funding of another Charlotte based startup, Virtual Race Bags, Inc. (VRB). IMAF-Charlotte acted as the lead investor on the Series A round, which was syndicated with PAN. VRB’s existing Seed Round investors also participated in the Series A offering. VRB, founded by entrepreneurs Chris Bradle and Gary Schwake, is a leading online marketing and promotion company focused on endurance events. Currently, the VRB platform has supported hundreds of events that have reached over 750,000 participants throughout the U.S. and Canada.

Gary Schwake, President of VRB commented “we are thrilled to have IMAF and PAN taking leadership roles in our Series A. Both funds ran a smooth, efficient process and share in our excitement for the opportunities that lie ahead for Virtual Race Bags.” IMAF-Charlotte Director, Dan Gotte, is happy to add VRB to their existing portfolio, commenting that the interests in VRB was due to the strong management team and ability to properly execute their vision.

IMAF-Charlotte is part of the IMAF Family of Funds designed to capitalize on the entrepreneurial growth activity and venture financing throughout the state of North Carolina and selective areas in the southeast. IMAF is actively seeking successful investors and entrepreneurs throughout the greater Charlotte region. The fund’s goal is to enhance the wealth creation of its members by investing capital as well as time in early stage, high quality and growth companies.

The Piedmont Angel Network is a committed capital angel fund that focuses on investment opportunities in early stage companies that present high growth opportunities. PAN has invested in 23 companies since 2002 with a primary focus on the life science, technology, software and advanced material fields. While the fund has a preference to invest in the Piedmont Triad region of North Carolina, PAN has made investments across North Carolina, South Carolina and Virginia.

Chris Bradle and Gary Schwake launched Charlotte-based Virtual Race Bags in 2010. The Company offers endurance events (running, triathlon, etc.) an integrated, semi-custom, online platform that enables event organizers and promoters a turn-key platform to efficiently deliver messages, ads, offers and other promotions from sponsors and advertisers to event participants.