In Wyoming, a state with more antelope than venture capitalists, early-stage capital has historically been a rumor. Founders in Casper or Cheyenne looked east to Denver or west to Salt Lake, hoping a pitch would travel. Breakthrough 307, founded in 2017, is a bet that the money can stay home. It is Wyoming’s only organized angel investment group, a $2.5 million pool that writes the first institutional checks for startups across the state and the Rocky Mountain West [Oil City News, Sep 2021] [University of Wyoming, Mar 2018].
The geography of capital
Breakthrough 307 operates as a classic angel syndicate, but its location is its entire thesis. The group aggregates capital from approximately 20 accredited investors in the region, individuals who might otherwise write one-off checks or not write checks at all [Cowboy State Daily, Jan 2019]. It then deploys that capital in disciplined tranches, typically between $40,000 and $250,000 per company [Oil City News, Sep 2021]. The target is explicit: high-growth potential companies, often in tech, that can credibly aim for a $100 million market and deliver the 10x returns angel portfolios require [Breakthrough 307, Unknown]. Since its launch, the group has invested over $1.9 million into a diversified set of sectors, backing at least ten businesses [investorhunt.co, Unknown].
The model provides a critical signal in a nascent ecosystem. For a local founder, a check from Breakthrough 307 is more than capital; it is a stamp of credibility from the only organized pool of its kind in the state. The group also pledges to offer its time, experience, and network to portfolio companies, though the specific mechanics of that support are not detailed publicly [Breakthrough 307, Unknown]. The bet is that concentrated, local intelligence can spot and nurture winners that coastal funds might fly over.
The founders behind the fund
The effort is led by two co-founders with complementary backgrounds, both deeply rooted in the region’s commercial landscape.
| Founder | Role | Background Highlights |
|---|---|---|
| Charles Walsh | Co-Founder | Investor and entrepreneur with a background in private equity and asset management; founded the online appeal service ValueAppeal [Forbes, Jun 2011] [Mirabaud Asset Management, Unknown]. |
| Jerad Stack | Co-Founder | Serial entrepreneur and startup founder; created and sold software business Firehole Technology; active as an angel investor and ecosystem builder [wyomingnews.com, Unknown] [ENGINE, Unknown]. |
Walsh brings the institutional investment lens, while Stack offers the operator’s view of what a Wyoming startup needs to survive and scale. Their partnership aims to bridge the gap between raw entrepreneurial ambition and the disciplined criteria of professional early-stage investing.
Where the model gets tested
The ambition is clear, but the path for a regional angel group is narrow. Success depends on a steady flow of deal-ready companies from a relatively small population base. The group’s public portfolio is sparse, with only four investments listed on third-party platforms like CB Insights [CB Insights, Unknown]. This opacity makes it difficult to assess the quality and trajectory of their bets from the outside.
Furthermore, the competitive landscape, while currently open, is not static. Wyoming Venture Capital (WYVC) represents another potential source of institutional capital in the state. The long-term viability of Breakthrough 307 hinges on proving that its syndicate model can consistently pick winners and generate the targeted returns. If it cannot, both founders and investors may seek other avenues, or the state’s best startups may continue their exodus for larger markets at later stages.
The next twelve months
For Walsh and Stack, the immediate metrics are straightforward: more capital deployed into more companies, and the beginning of a visible track record. The group’s reported $2.5 million seed pool provides the ammunition [Nebraska Innovation Campus, Unknown]. The question is whether the pipeline of Wyoming-born, venture-scalable companies can match the fund’s pace and thesis.
The group has already made its mark by being first. It was the inaugural organized angel fund in Wyoming [University of Wyoming, Mar 2018]. Now, the harder work begins: proving that a locally-sourced, locally-deployed angel strategy can generate the outlier returns that justify the risk. For the 20 investors in the syndicate and the founders across the state waiting for a call, the next deal will be the most important one.
Sources
- [Oil City News, Sep 2021] Breakthrough 307: helping entrepreneurs, investors, and Wyoming communities | https://oilcity.news/community/2021/09/20/breakthrough-307-helping-entrepreneurs-investors-and-wyoming-communities/
- [University of Wyoming, Mar 2018] Breakthrough 307 raised $2.1 million earmarked for investment in high-growth startups | https://www.wyomingnews.com/news/local_news/breakthrough-will-help-wyoming-entrepreneurs-get-access-to-startup-money/article_38bfa630-edce-11e6-afb3-cf30f7212850.html
- [Cowboy State Daily, Jan 2019] Breakthrough 307 is made up of 20 investors | https://cowboystatedaily.com/
- [Breakthrough 307, Unknown] FAQ and About Us pages | https://www.breakthrough307.com/
- [investorhunt.co, Unknown] Breakthrough 307 has invested over $1.9 million | https://investorhunt.co/
- [Forbes, Jun 2011] Appeal Your Real Estate Taxes Yourself? | https://www.forbes.com/sites/ashleaebeling/2011/06/09/appeal-your-real-estate-taxes-yourself
- [Mirabaud Asset Management, Unknown] Charles Walsh author profile | https://www.mirabaud-am.com/en/insights/authors/author-detail/walsh-charles
- [wyomingnews.com, Unknown] Jerad Stack created Firehole Technology | https://www.wyomingnews.com/
- [ENGINE, Unknown] Jerad Stack profile | https://www.engine.xyz/
- [CB Insights, Unknown] Breakthrough 307 investor profile | https://www.cbinsights.com/investor/breakthrough-307
- [Nebraska Innovation Campus, Unknown] Breakthrough 307 seed funding | https://nebraskainnovationcampus.com/