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.
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.
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.”
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 itsZabalafin 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’sZabalafin Platformhas 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.
Surrounded by supporters, the Co-Founder and President, Mitch Ishmael and the Shift Thermal team cut the ribbon on their first major project coming to fruition.
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-foundersMitch IshmaelandLevon Atoyanand their team atShift Thermalwere 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.
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 theOak Ridge Civic Centerto 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.
Mitch Ishmael (L), Randy Hemann (R)
“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 isJohn 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, creditingORNL,Innovation Crossroads, theSpark Innovation Center,UT Research Park,TVA, Three Roots Capital, Market Square Ventures, Launch Tennessee, and more.
Mitch Ishmael (L), John Bruck (R)
“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 theneedfor 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).
QCA Ventures Chairman and Founder Tony Shipley was featured on the season 9 premiere of the Invisible Ink podcast hosted by Achiiv Founder Shubha K. Chakravarthy.
In this episode Tony shares what really builds (or breaks) investor trust, and why the smartest founders treat diligence as strategy, not defense.
Check out the full episode to learn how investors really run due diligence — and how founders can use that process to inspire confidence. Watch the episode in its entirety here.
Invisible Ink cuts through the hype, and presents raw, unfiltered conversations with the investors and founders who’ve built the companies you admire. Each episode zooms in on the specifics of what it takes to get funded, demystifying the process and giving entrepreneurs actionable insights.
Congratulations to these outstanding companies and founders. This recognition is a testament to their vision, leadership, hard work, and dedication. At QCA, we’re committed to fueling innovation by backing exceptional founders and high-growth, high-tech companies that can shape industries and strengthen communities.
QCA Executive Director Scott Jacobswas recently featured onTiE SoCal AngelsinvestorAnshuman Sinha’s podcast Pitch. Fund. Scale. They discussed the realities behind startup funding and valuable insights every founder and angel investor should hear.
Scott shared insights on: – What founders get wrong about funding – How QCA Ventures backs startups that create real impact – The mindset shift every entrepreneur needs – Why mentorship sometimes outweighs capital – Building strong startup ecosystems beyond Silicon Valley
More Women Are Angel Investing: Key Advice From 3 Industry Leaders
In a world teetering on the edge of economic and cultural upheaval, one interesting trend gives reason for hope. That is the number of women starting businesses in unprecedented numbers. In April,Forbesreported on findings from a Gusto report which showed that 49% of all new businesses in the U.S. in 2024 were female founded- a 69% increase since 2019 and the highest share recorded in the report’s five-year history. Yet a funny contradiction also exists in the parallel gap in venture capital allocations. Data shows that sole female founders received an average of just 2.4% of global VC funding over that same period, a figure that has not budged above a single percentage point in the industry’s history.
So if women are starting businesses at record rates, with little movement in venture dollars, the key question is who is writing them checks?
A potential answer lies in the rise of female angel investors. While total U.S. angel investment dropped from $22.3 billion in 2022 to $18.6 billion in 2023, the share of women in angel investing surged to 46.7%, representing a 39% increase in two years. It marks a remarkable shift in a space long dominated by men, signaling a new era where women are shifting norms and vying for a more inclusive and sustainable startup ecosystem.
