Scribed success

Investing in startups usually comes with a caveat: Most companies don't make it, at least not enough to make the investment pay off in a big, or even moderate, way.

That's why investors with Naples-based Tamiami Angel Funds are taking a victory lap. The investors, through Tamiami Angel Fund III, put $265,000 into a medical transcription service for physicians in July 2017. That company, iScribes, was acquired in late 2017 — delivering an internal rate of return of 32% to Tamiami Angel Fund III, according to a statement. Publicly traded Nuance Communications acquired Durham, N.C.-based iScribes for an undisclosed amount, the release adds.

“Our investment in iScribes was the kind of home run that angel investors want to hit when they invest in early stage companies,” Tamiami Angel Funds Chairman Timothy Cartwright says in the statement. “Angel investors take significant risk on early stage companies with the understanding that only a few will reach successful exits and we are proud to say this was one of them.”