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The Daily Tar Heel

Angel investment firm Faster LLC opening put on hold

There was supposed to be a ribbon-cutting ceremony for Faster on Sept. 25, but general manager Gunnar Wieboldt postponed the ceremony because of problems with town inspections that required Faster to tear down its drywall.

Wieboldt said he was concerned about the way Chapel Hill’s inspections department has handled his project.

“Had the inspection department of Chapel Hill been more professional and cooperative, we would have made this deadline with ease,” Wieboldt said in an email to Chapel Hill town officials Sept. 29.

In a response email, town staff said delays were caused by a number of reasons, including unpermitted and unsafe working conditions at the site, backlog at the inspections department and unclear communication.

“Mr. Wieboldt’s project took place during a period of high demand and a shortage of staffing, which we are correcting,” the email said.

Wieboldt said the town now appears to be working on making the process more efficient.

“It was a complex project renovating an old building for a new purpose,” Wieboldt said of his space, which sits on top of Time Out and the bar Deep End.

“We should have allotted more time to ensure that the town had sufficient opportunity to confirm that construction was both safe and in compliance with local ordinances.”

Faster is an angel investor, meaning it provides financial backing for small startup businesses or entrepreneurs.

Faster’s main focus is on early-stage and high-impact technologies, but the company also plans to provide support to a limited number of UNC student-led startups.

“Our very close ties to UNC made Chapel Hill and Franklin Street an obvious choice,” Wieboldt said in an email.

Aaron Scarboro, director of 1789 Venture Lab, a Chapel Hill-based company similar to Faster, said having a strong entrepreneurial community would grow the local economy.

“We educate so many brilliant people at UNC only (to) see them leave for places like Raleigh, Charlotte, Atlanta and New York,” Scarboro said in an email.

“Creating a vibrant entrepreneurship community can help us keep some of that human and intellectual capital here.”

Faster is also funding nonprofit enterprises such as Event Horizon and UNC Creatorspace.

Faster now hopes to start operating and investing by the end of the month, Wieboldt said.

city@dailytarheel.com

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