---
title: "Vicinity Review"
url: https://altstreet.investments/platforms/reviews/vicinity
kind: platform-review
updated: 2026-11-05
description: "Vicinity Ventures review: Reg CF fees (6% + 2% securities, 1% of payments), bonus shares for members, VentureSouth angel network, deal record and reporting gaps."
publisher: AltStreet (https://altstreet.investments)
license: Public factual pages may be read, quoted and cited with attribution and a link. Bulk redistribution is not permitted.
---

# Vicinity Review

Vicinity Ventures is a Greenville, South Carolina platform for local private investing in the Southeast. It combines a Regulation Crowdfunding portal (Vicinity LLC, formerly Vicinity Capital), open to non-accredited investors, with VentureSouth, an invitation-only angel network for accredited members. Its fees and offering documents are public. Results after a raise are harder to see: AltStreet located no public repayment, distribution or exit history for any Reg CF deal in the sources reviewed, many issuers stopped filing annual updates, and VentureSouth shares its portfolio performance with members.

AltStreet score: 36.9 (C-), scored November 5, 2026. Method: https://altstreet.investments/platforms

| Field | Value |
| --- | --- |
| Platform | Vicinity |
| What it is | Funding Portal and Angel Network |
| Asset class | Private Equity / Small Business / Real Estate |
| Website | vicinityventures.co |
| Review first published | November 4, 2026 |
| Last updated | November 5, 2026 |
| AltStreet relationship | None: no affiliate, sponsorship or partnership |

## The short version

Vicinity's Reg CF side has run offerings for 40 issuers since 2020, mostly Southeast small businesses, local real estate and a few startups, for about $19.8 million raised. Two raises make up 41% of that: Trueline-Greenville ($5.0 million, the Reg CF maximum) and Windjammer Sailing ($3.17 million). The median closed raise is $254,650. Issuers pay 6% in cash plus 2% in their own securities, and investors pay 1% of anything paid back to them. Paid members ($500 or $3,000 a year) receive 5% or 10% bonus securities in Reg CF offerings. After the raise, the public record thins out: of 22 closed issuers with an annual report due, 16 missed at least one, and six issuers that raised $9.36 million, 47% of the reported total, have filed no annual report, no termination and, as far as AltStreet located, no later financial statements. AltStreet located no public repayment, distribution or exit history for any Reg CF deal in the sources reviewed. VentureSouth, the angel side, reports more than $100 million invested by members since 2008 and 'over 30 exited companies', with performance shared with members; in its February 2024 Form ADV, all seven funds reported no annual audit.

- **$19.8M** Raised through Vicinity across 40 Reg CF issuers, from the issuers' progress updates (C-U) or, for raises without one, the marketplace's own totals as of November 4, 2026. Six offerings were withdrawn and seven are open; two closed issuers state their amounts only in annual reports (Just Cause Apparel $705,000, J. Johnson & Company $94,000) and are not in the total. The merger announcement put the figure at 'nearly $20 million raised across 20 projects'.
- **6% + 2% + 1%** The issuer pays 6% of the amount raised in cash and securities worth 2% of the amount raised, so the portal becomes a holder in each issuer (2% of the raise, not 2% of the company). Investors pay 1% of the payments they later receive. Older Form Cs range from 4% to 8% cash; Trueline-Greenville paid $200,000 in cash and $100,000 in securities on its $5 million raise.
- **5% or 10%** Bonus securities on Reg CF offerings for paid members: Venture Club ($500 a year) gets 5% more and VentureSouth ($3,000 a year) gets 10% more for the same investment. The issuer issues the bonus securities, of the same class, for no added money; some offerings also give size or timing bonuses to any investor. For scale, $500 a year equals a 5% bonus on $10,000 invested, in private securities rather than cash. Three of the 19 marketplace offers switch the membership bonus off.
- **16 of 22** Closed issuers that missed at least one required annual report (Form C-AR, due 120 days after a December 31 year end). Of those 16, two later terminated reporting, two published financials in a later offering through another portal, and 12 have no report or termination on file for one or more years. Six issuers that raised $9.36 million (47% of the $19.8 million) have filed none, among them Trueline-Greenville ($5.0 million) and Windjammer Sailing ($3.17 million). Investors in those issuers have the offering-time financials but no annual update. Annual reports are the issuer's obligation, not the portal's.
- **No audit (2024)** In VentureSouth Funds' Form ADV of February 14, 2024, all seven funds it advises, with about $21.4 million in gross assets, reported no annual audit. That ADV is the latest one located, so current audit status is not public.

Data note: Amounts raised come from Form C-U where filed; otherwise from the marketplace's displayed total, which the issuer has not confirmed in a filing. VentureSouth figures are its own and are not audited. Annual-report deadlines use each issuer's fiscal year end as stated on EDGAR.


## Key figures

| Figure | What it is | Context |
| --- | --- | --- |
| 40 | Reg CF issuers since 2020 | About $19.8M raised; median closed raise $254,650. |
| 8% | Issuer cost | 6% cash plus 2% in securities; investors pay 1% of payments. |
| 47% | Of money raised went to issuers with no annual report | 6 issuers, $9.36M; no termination or later financials located. |
| $100M+ | VentureSouth member investment | Since 2008; performance shared with members only. |


## Verdict

Vicinity is a small, clean-record Reg CF portal joined to a long-running Southeast angel network. Its fees are published and match its Form Cs, and its offering documents are public. Investors should expect little public information after a raise: many issuers stop filing annual reports, AltStreet located no public payment or exit history for any deal, and VentureSouth's results stay inside the network. Paid members also receive bonus securities in the same Reg CF offerings, which is worth weighing against the membership fee.

**Best for**

- Investors who want to put small amounts into local Southeast businesses and are prepared to follow up directly with the companies

**Look elsewhere if**

- You need liquidity or a public record of how past deals performed
- You will invest small amounts as a non-member and want the same securities per dollar as members
- You cannot afford to lose the full amount

**Strengths**

- Registered funding portal with no disciplinary history disclosed
- Fees published on the site and matching the Form Cs
- Offer pages, Form Cs and deal documents available without signing in
- VentureSouth has operated since 2008 with a defined diligence process and co-investing funds

**Limitations**

- No public repayment, distribution or exit history located for any Reg CF deal
- 16 of 22 closed issuers with an annual report due missed at least one; issuers with 47% of the money raised have filed none
- Bonus securities for paid members
- VentureSouth performance shared with members; no annual audit reported in the February 2024 Form ADV


## Who it fits

| Investor | Fit | Why |
| --- | --- | --- |
| Southeast residents who want to back local businesses with money they can afford to lose | neutral |  |
| Accredited investors wanting a structured angel network in the Southeast | neutral |  |
| Investors who need income or liquidity | poor-fit |  |
| Non-members investing small amounts who want the same securities per dollar as every other investor | poor-fit |  |


## Questions

**Is Vicinity Ventures legit?**

Yes, in the sense that matters for a crowdfunding portal: Vicinity LLC is registered with the SEC as a funding portal (007-00223) and is a FINRA member, its registration discloses no disciplinary history, and AltStreet located no regulatory action or lawsuit naming it, VentureSouth or the funds, or naming their principals in connection with them. As a funding portal it must screen issuers and their insiders for disqualifying history and fraud risk, but that is not a recommendation: the FAQ says 'Each company provides their own information and they vouch for themselves', and many issuers stop reporting after the raise.

**What is the difference between Vicinity and VentureSouth?**

Vicinity is the Regulation Crowdfunding side: public offerings any US adult can invest in, usually local businesses and real estate. VentureSouth is the accredited, invitation-only angel network ($3,000 a year) that invests in early-stage technology companies with sidecar funds. They combined in 2025 under Vicinity Ventures, Inc.

**What fees does Vicinity charge?**

Issuers pay 6% of the amount raised in cash and 2% in the securities they sell, plus $3,000 for a Testing the Waters page. Investors pay nothing up front and 1% of any payments they later receive. Venture Club costs $49 a month or $500 a year and VentureSouth $275 a month or $3,000 a year. VentureSouth's sidecar funds charge a 2% management fee on a step-down basis.

**What are bonus shares?**

Extra securities the issuer gives some investors at no added cost, in the same class: 5% more for Venture Club members ($500 a year) and 10% more for VentureSouth members ($3,000 a year). Some offerings also give size or timing bonuses to anyone, and some switch the membership bonus off; the offer page and Form C say which. A non-member gets about 9.1% fewer securities than a VentureSouth member for the same check. The bonus is in private securities, not cash: on $10,000 invested, a 5% bonus is nominally $500, the cost of a year of Venture Club.

**How much has been raised on Vicinity?**

About $19.8 million across 40 Reg CF issuers from 2020 to November 2026, from the issuers' progress updates or the marketplace's totals, plus $799,000 that two issuers state only in their annual reports. The largest raises are Trueline-Greenville ($5.0 million) and Windjammer Sailing ($3.17 million); the median closed raise is $254,650. VentureSouth reports more than $100 million invested by its members since 2008, separately.

**Have Vicinity investors made money?**

There is no public record either way. AltStreet located no public repayment, distribution or exit history for any Reg CF issuer in the sources reviewed, and 16 of 22 closed issuers with an annual report due missed at least one. VentureSouth reports 'over 30 exited companies' and $8.7 million of 2025 proceeds against $8.4 million invested, and shares detailed results with members only.

**Can I sell my Vicinity investment?**

Not easily. For the first year, Reg CF securities can be transferred only to the issuer, an accredited investor, a family member or in a registered offering. After that the Reg CF restriction ends, but the issuer's documents may still restrict transfers, and the FAQ says 'There is not a developed secondary market'. You can cancel a commitment up to 48 hours before the offering closes.

**Where is my money held during an offering?**

In escrow with North Capital Private Securities Corporation until the target is met; if it is not met, the money is refunded.

**Are VentureSouth's funds audited?**

In VentureSouth Funds' Form ADV of February 14, 2024, all seven funds it advises reported no annual audit. That is the latest Form ADV located, so whether any fund has been audited since is not public; ask VentureSouth.

**What is the minimum investment?**

Reg CF offerings currently set minimums of $1,000 to $2,500. VentureSouth members invest at least $5,000 per deal; the sidecar funds required $25,000 to $50,000, and the Mallard Fund $250,000.

**Who runs Vicinity Ventures?**

The officers and directors on Vicinity Ventures Inc.'s Form D are Matt Dunbar, Paul Clark and Charlie Banks (VentureSouth co-founders), Joshua Rollins and John Crawford (Vicinity Capital co-founders) and Wilson Hunter.


## Update history

**November 5, 2026: Review published**

First published review, built from the EDGAR filings of the 40 Vicinity issuers (scanned attachments read with AWS Textract) and the VentureSouth funds, the signed-out marketplace, the site and the court record, after owner pass 1.


## Evidence appendix

Platform website captured November 4, 2026.

Every EDGAR filing of the 40 issuers whose Form C names Vicinity LLC, and of the portal; the signed-out marketplace (offer list and each offer's page data and documents); 144 pages of vicinityventures.co and the marketplace; Form Ds of the VentureSouth vehicles and of Vicinity Ventures Inc.; VentureSouth Funds' Form ADV with Schedule D read from the IAPD PDF; FINRA BrokerCheck and SEC IAPD; CourtListener RECAP and opinion searches; AltStreet SEC and FINRA enforcement tables.

**Highlights**

- FAQ: 'Vicinity charges investors nothing upfront, but retains a 1% service fee on investor returns paid from the issuer, and the issuer is charged 8% of the total funding amount.'
- Investors page: 'Preferred terms: 10% bonus shares for public offerings' (VentureSouth tier).
- CFPORTAL/A: 'Vicinity Capital may also take an equity or lending position in an issuer in addition to a cash transaction fee'.
- Merger announcement: 'nearly $20 million raised across 20 projects'.
- FAQ: 'We share detailed portfolio performance, including realized gains and losses, with members'.
- Form ADV Schedule D (February 14, 2024): annual audit answered No for all seven VentureSouth funds.

**Primary source pages**

- vicinityventures.co home, about, FAQ, investors, raising capital, Venture Club, VentureSouth, membership terms, 2025 recap, $100 million milestone post, merger announcement (captured November 4, 2026)
- marketplace.vicinityventures.co/offers and the 19 offer pages with their documents (captured signed out, November 4, 2026)
- Vicinity LLC CFPORTAL (2020) and CFPORTAL/A (January 7, 2026)
- SEC EDGAR Form C, C/A, C-U, C-AR, C-TR and C-W filings of the 40 issuers
- Form Ds of VentureSouth Angel Funds II to VI, VentureSouth Mallard Fund, VentureSouth Investments 2017, UCAN Investments 2013 to 2015, and Vicinity Ventures Inc. (December 22, 2025)
- VentureSouth Funds Form ADV, February 14, 2024 (IAPD)
- In re American Titanium Works LLC, Bankr. N.D. Ill. 24-06559, petition (May 1, 2024)


## Related

- Full review (HTML): https://altstreet.investments/platforms/reviews/vicinity
- Every platform review: https://altstreet.investments/platforms/reviews
- Methodology and scoring: https://altstreet.investments/platforms
- Category hub: https://altstreet.investments/categories/private-equity-private-markets

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Source page: https://altstreet.investments/platforms/reviews/vicinity
Machine index: https://altstreet.investments/llms.txt
AltStreet reads what platforms, funds and issuers file with the SEC and what they tell investors, and publishes the difference. Figures are as filed or as captured on the date stated; nothing here is investment advice.