Author: admin_qca

At the recent European Society for Pediatric Dermatology meeting, a peer-reviewed poster was presented on the clinical need and market opportunity for an effective and well-tolerated molluscum contagiosum (MC) treatment. The poster highlighted Alphyn Biologics Zabalafin Hydrogel as a drug that could potentially fill that need. Precefi, our partner in managing the Phase 2 trial of MC, presented the poster after extensive research on the market.

We look forward to sharing results of Alphyn Biologics Phase 2 trial of MC later this year.

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Story Highlights

• Queen City Angels rebranded to QCA Ventures to reflect its national investment scope.
• The Norwood-based firm’s membership quadrupled to about 220 members across 25 states.
• QCA Ventures now invests larger amounts in later-stage deals, averaging $1 million per check.

Early-stage investment capital group Queen City Angels has been investing larger amounts over a broader geographic area for a while now. So it’s changing its name and branding to reflect that evolution.

The Norwood-based firm is now QCA Ventures. It made the move to better reflect the way the organization has shifted the scope of its investor base and the types of deals in which it invests.

QCA’s membership has quadrupled in the past decade from about 50 to about 220, QCA Ventures Chairman Tony Shipley told me. The group had just five members when it started in 2000. Its members, who invest in startup companies, now span 25 states.

As its member base has expanded, so has the geography of its deals. It used to invest primarily in Greater Cincinnati and Ohio. Now it puts money in startup companies across the country.

“The new brand actually reflects that growth into a nationally active venture platform,” Shipley said. “We’ve probably grown up as an organization.”

One thing hasn’t changed. QCA still has a hands-on approach from its members, who not only invest in startups but offer advice and expertise.

“Our mission really remains unchanged,” Shipley said. “Our North Star is supporting entrepreneurs.”

The organization’s growth wasn’t by accident. It has had strategic plans since its inception, said Shipley, a co-founder. A decade ago it created a new plan to expand. It didn’t have specific numbers in mind, but it wanted more members. That naturally resulted in more capital to invest.

“And with the broad membership and the fact that we’re in 25 states, it brings an additional deal flow to our organization,” Shipley said. “Candidly, deal flow is not quite as robust here locally as it was a few years back. In order to get the quality of deals that we are looking for and the stage of companies that we’re investing in today, it really dictated that we look nationally at deal flow.”

QCA led a deal in California in late 2025, investing in prosthetics maker Limber Prosthesis, Shipley said. And it just led a $6 million investment round in a Florida company. “The fact that a Midwest company can lead a West Coast deal or an East Coast deal (is significant),” he said.

Part of QCA’s evolution has involved the stage at which it invests. It started in very early-stage investments, as is typical of angel capital groups. But that has evolved to larger and later-stage deals. It now does deals ranging from the seed-plus stage up to the more-advanced Series B.

An example is Cincinnati-based Alphyn Biologics, a developer of drug treatments for skin disease. QCA led a $25 million Series B round after previously leading a Series A round of capital raising for the company.

People in the startup world tend to think of angel capital groups as being a little less rigorous with their process in analyzing potential deals than venture capital firms are. That’s not the case with QCA Ventures, Shipley said. “Alphyn and other types of entrepreneurs have said, ‘You really operate like a venture organization.’ In fact, you do it better,” Shipley said.

Bigger deals come along with those later-stage investments. QCA’s average check to invest in startups has been about $1 million in the last couple of years, Shipley said. That’s significantly above the amount a typical angel capital group would invest, which would usually be around $100,000 to $200,000.

And when those entrepreneurs look to raise additional capital in later rounds, potential investors like to see that previous rounds of capital involved venture funds rather than angel capital groups, Shipley said.

That’s another key reason for the name change.

“All those reasons have prompted us to think about who we really are today and how we illustrate who we are,” he said.

The firm has directly invested more than $130 million in 123 portfolio companies since its founding in 2000. It’s now investing out of its seventh fund, which it launched in late 2024. That fund, which is open to investors through the end of this year, has already invested in a dozen companies.

The New Name Reflects Its Evolution into a National Venture Organization

Cincinnati, OH — February 2, 2026 — Queen City Angels today announced that it has officially rebranded as QCA Ventures™, marking a strategic evolution into a nationally recognized venture organization supporting early-stage founders with capital, expertise, and long-term partnership.

Founded in 2000, QCA Ventures has grown from a small group of local investors into a network of more than 219 accredited members across 25 states. The rebrand reflects the organization’s expanding national footprint, institutional fund platform, and increasingly sophisticated venture operations. “We started with five investors in Cincinnati and have grown into a professionally structured venture organization with national reach,” said Founder and Chairman Tony Shipley. “QCA Ventures reflects who we’ve become — disciplined investors, active mentors, and long-term partners to founders building successful, high-growth companies.”

Proven Track Record of Early-Stage Impact

Since inception, QCA Ventures has:
• Invested nearly $130 million across 123 portfolio companies
• Helped attract more than $1 billion in follow-on syndicated capital
• Supported companies driving innovation, job creation, and strong investor returns

QCA Ventures operates multiple venture funds alongside its direct investment platform. Its latest fund, QCA First Fund VII, was launched in late 2024 and has already invested in 12 companies following the organization’s comprehensive screening and due diligence process. The fund remains open to new accredited investors through 2026. “We measure our success by the success of our founders,” said Michelle Gibbs, QCA Ventures member and co-fund manager of First Fund VII. “The quality of companies we’ve backed through this fund reflects both the strength of today’s entrepreneurial ecosystem and the rigor of our investment process.”

More Than Capital: Hands-On Venture Support

Unlike traditional angel networks, QCA Ventures members actively engage with portfolio companies by providing strategic guidance, board participation, customer introductions, talent connections, and follow-on fundraising support. “Our members invest both capital and time,” said
Executive Director Scott Jacobs. “That hands-on involvement is a major differentiator and one of the reasons founders consistently seek out QCA Ventures as a long-term partner.”

Rooted Locally, Investing Nationally

While QCA Ventures maintains strong ties to the Cincinnati entrepreneurial ecosystem, the organization now deploys capital nationally while continuing to support innovation and startup growth in the Queen City.

“Our roots in Cincinnati remain strong,” Shipley added. “At the same time, this rebrand reflects the national scope of our investing activity and the professionalism of our investor community.”

New Brand Identity and Tagline

Along with the name change, QCA Ventures is introducing a new brand identity and tagline:

Capital. Connections. Commitment.

“The tagline captures what makes QCA Ventures unique,” said Mike Halloran, QCA Ventures member and professor at Xavier University’s Williams College of Business. “We provide capital, open doors through meaningful connections, and stay committed to founders from the first check through successful exit.”

About QCA Ventures

QCA Ventures is a group of 219 experienced accredited investors located in 25 states. Investor members include successful entrepreneurs, former C-suite corporate executives, R&D/technical experts and others with related business backgrounds. QCA Ventures operates multiple venture funds supporting high-growth startups across four major industry sectors: in life sciences, IT (B2B SaaS), advanced materials, and advanced manufacturing. QCA Ventures leverages its proprietary Standards + Practices Guide© to educate, train, and mentor both entrepreneurs and its early-stage investor members. QCA Ventures members typically donate approximately 50,000 hours per year in pro-bono mentoring, coaching, and guidance to entrepreneurs with the goal of helping them improve the probability of a successful outcome. Since 2000, QCA Ventures has directly invested over $130 million in 123 portfolio companies. The total capital invested in these companies, including QCA Ventures members’ capital, syndication partners’ capital, follow-on venture capital funds, and venture debt is more than $1 billion. For more information, please visit www.qca.com.

ANNAPOLIS, Md., Dec. 12, 2025 /PRNewswire/ — Alphyn Biologics, Inc., a clinical-stage dermatology company developing first-in-class Multi-Target Therapeutics^®, today announced the close of its $25 million, twice-oversubscribed Series B financing. Proceeds will fund the Phase 2b global clinical trial of Alphyn’s lead drug candidate, Zabalafin Hydrogel, for atopic dermatitis (AD), initiate a second Phase 2 clinical program for the treatment of the molluscum contagiosum virus (MCV), and expand the company’s supply of drug raw material.

The round was led by QCA Investment Group and included existing investors Angel Physicians Fund, Serial Stage Venture Partners, a corporate fund, and several new investors.

“We are incredibly grateful for the support of our current and new investors. This financing reflects their confidence in our Multi-Target Therapeutic Drug Platform and our unique and highly differentiated drug candidates for atopic dermatitis and the molluscum contagiosum virus,” said Alphyn CEO Neal Koller. “We are well-positioned to rapidly advance Zabalafin Hydrogel towards our next key milestones – two pivotal Phase 3 trials – while broadening our pipeline of breakthrough therapies for skin diseases.”

Alphyn is developing Zabalafin Hydrogel as the first therapeutic to directly treat the distinct but interconnected drivers of AD – inflammation, itch, bacteria, and dry skin – and to directly treat the distinct but interconnected drivers of MCV – the virus itself, itch, inflammation and, in many sufferers, dermatitis (molluscum rash) and the added bacterial infection with its associated pain. Drugs on the market and being studied in clinical trials for both diseases directly target only one of the disease drivers, leaving the body to later fight the others. Zabalafin Hydrogel, with its expected strong efficacy and patient tolerability profile, has the potential for sustained management and long-term control of these diseases. For MCV, it has the potential to be the first direct antiviral drug that is safe, gentle and effective, and therefore the first real treatment option for the millions of children afflicted with this disease. Current marketed therapeutics destroy the skin and are blistering and painful for patients.

“Alphyn is breaking new ground with a first-in-class, natural topical therapeutic that is expected to directly addresses all of AD’s problems and have the potential for long-term, continuous use,” said Tony Shipley, chairman of Alphyn’s lead investor, QCA Investment Group. “With an experienced leadership team and their continued strong execution, Alphyn is poised to meet two tremendous market needs and bring patients a highly innovative new therapy for AD and MCV.”

ABOUT ALPHYN BIOLOGICS

Alphyn Biologics, Inc. is a clinical-stage dermatology company developing first-in-class Multi-Target Therapeutics^® for severe and prevalent skin diseases based on its Zabalafin Platform. Its lead product candidate, Zabalafin Hydrogel, is being developed as a topical treatment for atopic dermatitis (AD), the most common form of eczema, and the molluscum contagiosum virus (MCV), an unsightly, pruritic (itchy), and highly contagious skin infection predominantly in children.

Zabalafin Hydrogel is unique in its ability to directly treat all the interconnected problems of both AD and MCV. For AD, Zabalafin Hydrogel directly treats the immuno-inflammatory component of the disease, directly treats pruritus (itch), directly treats the bacterial component of AD, and directly treats xerosis (dry skin). For MCV, Zabalafin directly targets the virus itself, directly treats itch, directly treats inflammation and, in many sufferers, directly treats dermatitis (molluscum rash) and the added problem of  bacterial infection with its associated pain.

Alphyn’s Zabalafin Platform has multiple bioactive compounds and, therefore, multiple mechanisms of action to support treatment of an individual disease in multiple ways, for anticipated improved efficacy, and to provide a robust pipeline of dermatologic therapeutics that have potential advantages in efficacy, safety, side effect, patient tolerability, and regulatory marketing authorization. Alphyn is based in Annapolis, Maryland, and Cincinnati, Ohio, and has wholly owned subsidiaries in Australia and Austria. The company became operational in 2020 and has raised approximately $34 million.

SOURCE: Alphyn Biologics, Inc.

First times are hard – especially for entrepreneurs. Getting the first investment is hard. Getting the first sign of traction is hard. And securing the location for the first official use case of a technology at scale is very, very hard.

But Co-founders Mitch Ishmael and Levon Atoyan and their team at Shift Thermal were up to the challenge. They have been working tirelessly for the past decade to prove the viability of their “Active Energy Systems” in a variety of industry applications.

In July, the co-founders announced the closure of Shift Thermal’s $1 million bridge round to help them transfer their technology, which was developed in a laboratory, to industry. The round was led by QCA Ventures with participation by Market Square Ventures, Three Roots Capital, InvestTN, and the Clean Energy Venture Group.

The purpose of the bridge round was to help Shift Thermal transfer its technology from the lab to industry. The first way they did so was through a partnership with the City of Oak Ridge, Tennessee Valley Authority, and the Oak Ridge Civic Center to install their first commercial unit at scale.

The partnerships that made it possible

Shift Thermal cut the ribbon on the unit on Thursday morning.

Randy Hemann, the City Manager for Oak Ridge, said Shift Thermal is a great example of what happens when cities are aligned on a mission.

“Oak Ridge is a place where innovation happens. We, as a city, want to be a test bed for innovation, and that’s how conversations with Mitch and his team got started,” Hemann said. “This provides a great service to the city. It is a win-win.”

“The city could not have been a better partner for our first-of-a-kind project installation,” Ishmael said.

But getting to this point of installation was not easy. Ishmael said there were a lot of road bumps along the route. It took a lot of community support to help the company pivot in purposeful ways.

One of the people who serves as an advisor, 3x investor, and mentor to Shift Thermal is John Bruck.

“You don’t get to a full-scale, commercializable technology from just an idea over a period of less than 10 years without a lot of support from a lot of different folks, individuals and organizations,” Bruck said, crediting ORNL, Innovation Crossroads, the Spark Innovation Center, UT Research Park, TVA, Three Roots Capital, Market Square Ventures, Launch Tennessee, and more.

“I have seen Shift go through more than one very difficult time, but Mitch and Levon are coachable and persistent. They have a passion for what they’re doing and believe in the need for this technology, ” Bruck said.

Dennis Corley, with Three Roots Capital, is another investor, mentor, and advisor to the start-up. He echoed Bruck’s sentiment about the quality of the co-founders.

“Why did Three Roots Capital invest in Shift Thermal? I’ll say it’s mainly because of the leadership team. Mitch and Levon have proven to be smart, tenacious, and from an investor’s perspective, very teachable,” Corley said. “Most investors will tell you they’re going to invest in a team over a product or a service, because it’s people that make businesses succeed.”

How does Shift Thermal Work?

The energy storage system attached to the Oak Ridge Civic Center will help lower electricity costs and decarbonize cooling. Low-cost off-peak power is used to make ice, which is what is stored inside the tank. Then, during the hottest part of the day, when power is most expensive and air conditioning is less efficient, the stored ice supplements the cooling system and improves its operation.

Shift Thermal has seven employees based out of their offices on Midway Lane in Oak Ridge. They initially came to Oak Ridge in 2017 to join the first cohort of the Innovation Crossroads program at Oak Ridge National Laboratory (ORNL).

Follow along with what Shift Thermal is working on.

Connect with Mitch Ishmael.

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The Angel Capital Association proudly announced Marcia Dawood as the recipient of the 2025 Hans Severiens Award, the organization’s highest honor recognizing individuals whose leadership advances the field of angel investing.

Dawood’s journey began in 2012 when she was invited to an angel investing meeting — without even knowing what the term meant. It was a moment that sparked a mission. Realizing how few people understood they could invest in early-stage companies—and be the change they want to see in the world—she dove in. Since then, she’s become a very visible advocate for democratizing angel investing.

Over the past decade, Dawood has opened doors for hundreds of new investors—especially women and underrepresented communities—to participate in backing companies solving meaningful problems. She currently serves as Vice Chair of the SEC’s Small Business Capital Formation Advisory Committee, ensuring early-stage investors have a seat at the federal policy table. She is also Chair Emeritus of the ACA.

“We are thrilled to see Marcia receive the highest honor given to Angel Investors for her tireless dedication to demystifying, elevating, and expanding Angel investing. She’s a purpose-driven visionary leader, multi-award winning author, and Podcaster who has created tremendous positive impact in our entrepreneurial ecosystem,” said Sue Bevan Baggott, Founder & President, Power Within Consulting.

When Marcia Dawood attended her first Angel Capital Association (ACA) summit as a board member, she noticed something unusual: a line at the men’s restroom, while the women’s was empty. It was a small but telling sign of a bigger problem—women were significantly underrepresented in angel investing, both as funders and founders which led her to the creation of Growing Women’s Capital Syndication Group, showcasing founders and funders for more than six years.

“Marcia is the most deserving awardee of a prestigious angel investing award. She has demystified, democratized and expanded the angel investing asset class especially for under estimated communities and aspiring investors. As a leader, she champions others with her actions, her podcast platform and her genuine heart for servant leadership,” said Dr. Silvia Mah, Founder, Stella Foundation, Board Member ACA.

A venture partner with Mindshift Capital and a long-time member of Golden Seeds, Dawood has invested in over 50 startups and funds, with a particular focus on women-led, mission-driven ventures. One example she often points to is Joylux, a company tackling women’s sexual health with grit, innovation and purpose. “The founder is scrappy, resilient and fearless about tackling a real, underserved issue,” Dawood said.

Through her podcast The Angel Next Door—which launched in 2021 and has now surpassed 120 episodes—Dawood has worked to make angel investing more accessible and less intimidating. Her TEDxCharlotte talk, Do Good While Doing Well, delivered in 2022, laid the foundation for her book of the same name, released in September 2024. The book has since won six awards including Best Audiobook. She is also an associate producer of the documentary Show Her The Money. Across all platforms, her message is clear: you don’t need to be ultra-wealthy or a finance expert to become an angel investor.

Across all platforms, her message is clear: you don’t need to be ultra-wealthy or a finance expert to become an angel investor.

“People don’t know they can participate and that lack of awareness creates gaps in who gets funded,” Dawood said. “I’m working to change that.”

Despite headwinds in the current exit market, Dawood remains optimistic. “Now is actually one of the best times to invest,” she noted. “Only the strongest companies are raising, and those are the ones that will thrive.”

The Hans Severiens Award, named in honor of one of the ACA’s founding members, celebrates individuals who advance angel investing through innovation, collaboration, mentorship and impact. Marcia Dawood now joins a distinguished group of recipients who have helped shape the future of early-stage investing.

CINCINNATI, OHIO (PRWEB) AUGUST 26, 2022 The Board of Standard Bariatrics announced that it has entered in a definitive agreement with Teleflex Incorporated, a leading global provider of medical technologies, under which Teleflex will acquire Standard Bariatrics, a QCA Ventures portfolio company, upon the satisfaction of customary closing conditions, for an upfront cash payment of $170 million at closing, with additional consideration of up to $130 million payable upon the achievement of certain commercial milestones. “We couldn’t be prouder of Founder Dr. Jonathan Thompson and CEO Matt Sokany for all of their work to get Standard Bariatrics to this milestone,” said QCA Ventures founder and chair Tony Shipley. “We are delighted to have supported Standard Bariatrics along their journey and believe the commercial potential for their important surgical offerings are enhanced by this transaction,” added Shipley. QCA Ventures was an initial investor in Standard Bariatrics in 2016. “Standard Bariatrics represents one of the largest investments in a single portfolio company in our 22-year history,” said John Habbert, co-manager of QCA First Funds. “We’ve invested in six follow-on rounds to help fuel the company’s progress. This underscores our confidence in the incredible work of Mr. Sokany and Dr. Thompson, and their entire team.” In addition to QCA Ventures, other angel groups that invested are North Coast Ventures, Ariel Savannah Angel Partners, Life Science Angels, and Accelerant Fund. Other investors include JobsOhio, CincyTech, RC Capital, US Venture Partners, Hatteras Venture Partners, Rivervest and Emergent Medical Partners. Standard Bariatrics is another successful exit for a QCA portfolio company. “Since we started QCA more than 20 years ago, we have invested over $85 million in more than 100 companies, said Shipley. “Our investments have been leveraged with over $700 million of additional capital invested by others in our portfolio companies. Some of our earlier investments include Assurex Health (where we led the initial investment in the company), T-Pro Solutions, ConnXus, among a group of other successful companies.” “While we have a very strong current portfolio, we continue our work to identify additional investment opportunities,” said Scott Jacobs, QCA Executive Director. “We continue to see strong ‘deal flow,’ both in the Cincinnati region and beyond.” Additional information on the Standard Bariatrics transaction can be found here.