Ten years ago, capital existed in Hampton Roads. What didn’t exist was coordination.
In 2014, early-stage investing across the region was active but fragmented. Capital was being deployed, but largely by a small number of individual investors working independently. There was little shared diligence, limited collective deal flow, and no clear pathway for founders to move from early traction to scale without leaving the region. Momentum existed, but structure did not.
That gap led to the creation of 757 Angels.
Founded in 2015 through the Reinvent Hampton Roads initiative, 757 Angels was co-founded by Paul Hirschbiel, John Paris, and Monique Adams, who also served as the organization’s executive director during its formative years. The goal was not to create capital, but to organize it — to professionalize angel investing and broaden participation beyond a handful of large check writers.
“Capital was here, but it wasn’t collective,” said Paul Nolde. “There wasn’t a full cycle of available investors. 757 Angels helped bring structure to something that had been happening in isolation.”
Early skepticism, long-term proof
In the early days, skepticism centered on a simple question: would investors actually write checks?
They did — and at meaningful scale.
One of the network’s earliest investments was in xTuple, a company that would go on to exit years later. The timeline mattered. Rather than a quick validation, xTuple became an example of patient capital — the kind required to build durable companies outside traditional venture hubs.
Over time, that approach compounded.
Across its first decade, 757 Angels invested more than $121 million across 58 companies, ultimately recording five exits. Those outcomes helped validate not just individual deals, but the idea that organized angel investing could support sustained company building in Hampton Roads.
“These outcomes matter because they show durability,” Nolde said. “They show that companies can be built here over time, not just started here.”
A founder’s view from inside the portfolio
One of the exits that helped define that decade came from Modio, founded by physician-turned-entrepreneur Kirk Heath. Modio built software to automate healthcare provider credentialing, a process Heath said historically took “anywhere from three to six months.” By automating verification, Modio reduced that timeline dramatically — “from 90 to 180 days down to probably 30 days” — creating what Heath described as “astounding” revenue implications for healthcare systems.
By the time 757 Angels became involved, Modio was already operating at scale. “We were well beyond any type of incubators or things like that,” Heath said. “The process was great. The diligence process was great,” he added, describing the investment as a strong access point at a stage when the company needed growth capital and he preferred working with individuals because he “didn’t want to get completely eroded.” Heath, who is still based in Virginia Beach, said the company never needed to relocate to succeed. “There was no need to move,” he said. “We have everything we need here,” adding, “I’m going to do it again, too.”
From angel network to venture system
As 757 Angels matured, it became clear that capital alone was not enough.
Angel investing exposed broader gaps in the ecosystem — around incubation, acceleration, founder readiness, and continuity between early traction and scale. Over time, those gaps led to the development of complementary programs and, eventually, the emergence of 757 Collab.
Rather than functioning simply as an accelerator or coworking space, 757 Collab connects founders with incubation, acceleration, and capital infusion from vision to venture. The organization has built a track record of helping founders launch companies, become profitable, and exit — all with the goal of growing and diversifying the Hampton Roads economy.
Within that evolving system, 757 Angels became a critical capital component — aligned with, but distinct from, the broader venture support infrastructure. The organizations remained legally separate, but increasingly coordinated, reflecting a more mature and intentional approach to company building in the region.
The leadership transition reflected that maturation.
After nearly a decade of leadership, Adams stepped down at a natural inflection point. Nolde’s arrival coincided with the ecosystem’s shift from formation to refinement — less about building from scratch, and more about aligning assets that already existed.
“This wasn’t about reinventing Angels,” Nolde said. “It was about recognizing that the ecosystem had grown up, and Angels needed to evolve with it.”
Entering Angels 3.0
Today, 757 Angels is focused on its next phase — a more inclusive, more active, and more engaged model of angel investing.
The organization has adjusted its structure to accommodate a wider range of investors, lowered barriers to participation, and emphasized engagement over check size. Whether an investor contributes $5,000 or $200,000, the expectation is the same: active involvement in supporting founders and building companies locally.
That evolution is already visible in recent performance. In 2024 alone, 757 Angels invested more than $2.5 million across seven companies, with additional portfolio companies advancing through active diligence. Portfolio companies collectively generated hundreds of millions in lifetime revenue, launched new products, secured patents, and created hundreds of new jobs.
Like most innovation ecosystems across the country, Hampton Roads is still maturing. The difference now is foundation. The region has capital pathways, experienced founders, aligned institutions, and a growing base of investors willing to commit for the long term.
Ten years in, 757 Angels helped turn scattered capital into a system. The next decade will determine how far that system can scale.
The organization will mark its 10-year milestone with a celebration on January 21 at 757 Collab’s Assembly campus in Norfolk, honoring its origins while signaling what comes next. For more details around this event, Paul encourages anyone interested to reach out to him directly at paul@757angelsgroup.com.
For Hampton Roads, the question is no longer whether angel investing can work.
It’s what happens when it does.
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