Finding the right angel investor can be a critical part of getting your start-up off the ground. Angel-investor networks are a good place to start looking for funding. These national and local groups of angels meet -- formally or informally -- to discuss deals and learn about the best new business opportunities. Each network works in a slightly different way. Many charge a fee to entrepreneurs who present plans at their meetings. Some even charge a fee to apply for consideration. Some require an official introduction to the group by an angel member; others solicit ideas from any entrepreneurs via the group's Web site.
To help get you started, we've compiled a list of angel networks in the United States. Because many angel groups limit their investments to a particular geographical area, we've divided the list into eight regions: Pacific Northwest, Southwest, Mid-Atlantic, Northeast, North Central, California, South, and Midwest. There is also a category for those groups that consider investments anywhere in the country.
Disclaimer: We have tried to ensure that the information contained in this directory is correct and current. It is, however, intended to be a starting point in your search for financing, so please be sure to do your own due diligence before sending your plans, ideas, or other personal information to any of the groups listed. If you know of a network that should be added to this directory, please E-mail jennifer_redmond@inc.com.
NATIONAL NETWORKS
ACE-Net (The Angel Capital Electronic Network)
ACE-Net was developed by
the U.S. Small Business Administration's Office of Advocacy. Only entrepreneurs
who can sell security interest in their companies can enroll. There is an annual
fee to enroll -- fees vary by state. To find the ACE-Net branch in your state,
go to https://ace-net.sr.unh.edu/pub/carl.htm?TYPE=nws
Sweet Spot:
Although companies can raise up to $5 million in financing with ACE-Net,
the network may be most helpful to companies seeking up to $1 million.
No-Go:
Certain businesses cannot list on ACE-Net. These include businesses involved in the oil or gas industries, sole proprietorships, general or limited partnerships, joint ventures, and blank-check or development-stage companies.
Average investment
range:
$250,000 to $5 million
Number of angels/investors in
the network:
359
Contact:
ACE-Net
Dan Mitchell,
President
1895 Post Rd.
Fairfield, CT 06430
203-392-5881
danmitchell@ace-net.org
Angels With Attitude
Angels With Attitude has a committed pool of capital that they
call an "active angel fund." They invest in geographic areas where they have
members. That includes primarily the West Coast from Vancouver, BC, to San Diego
and the East Coast from Boston to Washington, DC. Angels with Attitude invests
in clean and renewable energy and conservation, environmental technology, clean
and sustainable transportation, healthy and organic foods and natural products,
and education -- all things that contribute to sustainability.
Sweet
Spot:
Seed and early-stage ventures that are economically,
environmentally and socially sustainable.
No-Go:
Don't send a
complete business plan to them as your first step. Instead, E-mail an Executive
Summary to the E-mail address below, and you will be notified if they want to
take a look at your complete plan.
Average investment range:
$75,000 to $250,000
Number of angels/investors in the
network:
25
Contact:
Angels With
Attitude
Kristin Martinez
6541
36th Ave. SW
Seattle, WA 98126
206-932-3850
kristin@activeangels.com
Investors' Circle
Nonprofit national network of angel investors,
foundation officers and entrepreneurs. Business that are reviewed by Investors'
Circle members must fall into at least one of the following interest areas:
community development, education, environment and energy, health, and women or
minority-led business.
Sweet Spot:
Socially responsible deals.
Average investment range:
$10,000 to $6.5 million
Number of
angels/investors in the network:
130+
Contact:
Investors' Circle
One Coleridge
St., Suite B
San Francisco, CA 94110
415-641-0204
inbox@investorscircle.net
University Angels
An online angel-investor network for alumni from the world's top
colleges and universities. You must be an alumnus of one of the network schools
to participate. The entrepreneur application process is handled entirely online.
If accepted, entrepreneurs pay a one-time listing fee of $199. The group has
developed more than 75 angel investor networks. To see whether your university is listed,
click here: http://www.universityangels.com/findyoursite.jsp.
Sweet
Spot:
Many of University Angels' deals are in the financial services,
health care, and technology industries.
No-Go:
Not an alumnus
of one of their affiliated schools? Forget it.
Average investment
range:
$250,000 to $3 million
Number of angels/investors in the
network:
2000+
Contact:
University Angels
James Marcus
50 Main St.
Suite 1049
White Plains, NY 10606
914-682-2025
jmarcus@universityangels.com
The Tribe of
Angels
A group of Jewish industry leaders who invest in companies primarily
in the United States and Israel. Operates as a business network and angel group.
A select number of start-ups are selected for presentation to investors, and
deals that do not qualify for presentation may still be eligible to network with
investors and other businesspeople in the group. Currently has operations in
Boston, California, Chicago, Connecticut, New York, and Israel.
Sweet Spot:
High tech and biotechnology.
Average investment range:
$50,000 to $1 million
Number of angels/investors
in the network:
300+
Contact:
Paul Allen
San Francisco, CA
paul@tribeofangels.com
415-710-0801
Gathering of Angels
Established in October 1996. A monthly meeting of
private, high-net-worth investors that provide seed-level financing to start-up and
early-stage firms. Since October 1996, the group has had more than 130
entrepreneurial companies present in Santa Fe alone, in front of a group that
averages 30 to 50 per evening. Twenty-nine companies have received some level of funding,
two firms have done up-mergers into a public shell, and three have received
venture-capital funding.
Sweet Spot:
Invests in
companies nationwide. Currently has investor groups based in Atlanta, Dallas, Hilton Head, Houston, Pebble Beach, San Francisco, Santa Fe,
Scottsdale, and St. Louis.
Average investment range:
$10,000 to $150,000
Contact:
Tarby Bryant
505-982-3050
tbryant@nm.net
PACIFIC NORTHWEST
Portland Area Angel Network
PAN will
consider hearing presentations from companies based in Oregon and Clark County, Washington. The group meets quarterly to hear presentations from 3 to 4 selected companies. Companies wishing to be considered must go through the screening process. PAN is affiliated with the Oregon Entrepreneurs Forum, a nonprofit organization providing educational and networking opportunities to entrepreneurs, service providers, and investors.
Sweet Spot:
Companies in high-growth industries, with a clear exit
strategy.
Average investment range:
$500,000 to $2,000,000
Number of angels/investors in the network:
100
Contact:
Portland Angel Network
c/o Oregon Entrepreneurs Forum
222 NW 5th Suite 308
Portland, OR
97209
503-222-2270
PAN@oef.org
Alliance of Angels
Founded in 1997, the Alliance of Angels uses an
online, members-only site to view business plans submitted by new technology
companies. Selected companies have the opportunity to present their business
plan to Alliance of Angels investor members at a monthly meeting. Companies must
be headquartered in the Pacific Northwest, which includes Alaska, Idaho, Montana, Oregon, Washington, and lower British Columbia. There is no cost for the
submission or screening of business plans.
Sweet Spot:
Companies
that submit their plans must be in the early stage of growth (premezzanine
round) and must be technology companies.
No-Go:
Business
plans by snail mail are a no-go. Entrepreneurs must submit their plans via the
Alliance of Angels online Web form.
Average investment range:
$100,000 to $2 million
Number of angels/investors in the network:
140
Contact:
Alliance of Angels
1301 5th Ave.
Suite 2400
Seattle, WA
98101
206-389-7258 or 206-389-7321
info@allianceofangels.com
Vancouver Enterprise Forum Angel Technology Network
A group of 20 to 30 high-technology CEOs and executives
who meet monthly to hear two or three 15-minute business presentations by
start-up technology entrepreneurs. It's private and informal and looks only at
companies in British Columbia. First meeting held in 1999.
Sweet Spot:
Entrepreneurs seeking investments in the low to mid six-figure range. Submit
executive summaries via the group's Web site.
Average investment range:
Typical angels invest in the $100K+ range
Number of angels/investors in
the network:
20 to 30 per meeting
Contact:
The
Vancouver Enterprise Forum
Mike Volker
450-1122 Mainland St.
Vancouver, BC V6B 2L1
604-683-5357
mike@volker.org
SOUTHWEST
Arizona Angels
Formed in 1999, Arizona
Angels invest only in Arizona-based companies. They consider themselves very
opportunistic and will consider deals that involve pre-VC equity, bridge loans,
management buyouts, or acquisitions. To date, members have invested more than $3.5 million
in six companies.
Sweet Spot:
High-growth companies beyond the seed or
start-up stage that need capital to demonstrate a business proof of concept, in
order to then attract venture capital or a strategic acquirer.
No-Go:
No real estate or mining companies need apply. Strongly
prefer to be contacted via E-mail.
Average
investment range:
$500,000 to $1.5 million
Number of angels/investors in
the network:
100+
Contact:
Arizona Angels
Greg Cobb, Managing Director
7000 E. Shea Blvd, # F1840
Scottsdale, AZ 85254-5261
480-922-1455
gcobb@arizonaangels.com
The Desert Angels
Will consider start-up or
early-stage companies in any industry.
Contact:
The Desert Angels
Jerry Sonenblick,
President and CEO
1037 S. Alvernon
Tuscon, AZ 85711
520-977-8198
MID-ATLANTIC
Tri-State Investment Group
Invests only
in early- or mid-stage companies that are based in North Carolina, South
Carolina, or Virginia. Since 1990, has invested $25 million in 40 companies.
Sweet Spot:
Information technology, telecommunications,
biotechnology, and industrial technology.
Average investment range:
$150,000 to $500,000
Number of angels/investors in the network:
150
Contact:
Tri-State Investment Group
405 Tramore Drive
Chapel Hill, NC 27516
jnewton-tig@mindspring.com
WomenAngels.net
WomenAngels.net is a group of women investors, but it's not required
that companies be woman owned in order to apply for funding. The group meets
monthly and primarily participates in the first institutional round of funding
for companies based in Maryland, Virginia, and Washington, DC. WomenAngels.net
has invested in companies in a variety of industries, including software, IT,
biotech, and health care.
Sweet Spot:
Companies with high-tech component, an experienced and
dedicated management and advisory team, and in a market where the company has
the opportunity to become a leader.
No-Go:
WomenAngels.net does not invest in companies in the real estate or
retail industries. They also do not invest in seed-stage or start-up companies.
Average investment range:
$250,00 to $750,000
Number of
angels/investors in the network:
85
Contact:
WomenAngels.net
Kris McDevitt
1054 31st St.
NW Suite 110
Washington,
DC 20007
202-342-1627
info@womenangels.net
Private Investors Network (PIN)
A
program of the Mid-Atlantic Venture Association. PIN members review a
monthly mailing of executive summaries submitted by
entrepreneurs. Three summaries are selected each month, and those three
entrepreneurs present their plans at a monthly breakfast meeting. Entrepreneurs
pay a fee to participate.
Sweet Spot:
Early- and seed-stage
companies in any industry. Companies must be based in Maryland, Virginia, or
Washington, DC.
Average investment range:
$500,000 to $2 million
Number of angels/investors in the network:
120
Contact:
Private Investor's
Network
John May, Executive Director of the PIN
402 Maple Ave. West
Vienna, VA 22180
703-255-4930
NORTHEAST
Walnut Venture Associates
Walnut Venture Associates is
a Boston-based group that focuses on information-technology companies. Group
members have been the founders of 20 companies and the CEOs of more than 20
companies, have invested in more than 225 private companies, and have been members of
the boards of directors of more than 125 companies.
Sweet Spot:
Seed- and early-stage companies in New England only. Prefer to
have executive summaries sent to them via E-mail.
Average investment range:
$250,000 to $1,500,000
Number of angels/investors in the network:
22
Contact:
info@walnutventures.com
Common Angels
Invests only in New England
companies. Entrepreneurs/firms who apply should have a premoney valuation of
less than $5 million. If you're interested in pitching an idea, use the
screening questionnaire available on their Web site.
Sweet Spot:
Early-stage software companies.
No-Go:
Prefer not to
receive full business plans (or anything else for that matter) in hard copy. Use
E-mail instead.
Average investment range:
$250,000 to $2 million
Number of angels/investors in the network:
50
Contact:
CommonAngels
One Cranberry Hill, Suite 6
Lexington, MA 02421
781-274-9124
info@commonangels.com
Vermont Investors
Forum Inc.
A nonprofit corporation that holds
annual forums and introduces angel investors to early-stage Vermont businesses.
At each forum, 10 to 12 small Vermont businesses are selected to present business
plans. Forums may be attended by invitation only.
Sweet Spot:
Only
invests in companies located in Vermont.
Average investment range:
$100,000 to $500,000
Number of angels/investors in the network:
600
Contact:
Vermont Investors
Forum
Melissa Fogel
c/o Green Mountain Capital
25 Cross Rd., Suite 3
Waterbury, VT 05676
Missy@gmtcap.com
802-244-8981
Gould & Co.
No Web site
Invests in companies based in the Northeast,
preferably in New England.
Sweet Spot:
Companies that are emerging
into large markets.
Average investment range:
$100,000 to $2
million
Number of angels/investors in the network:
200
Contact:
Gould & Co.
86 Front St.
Merrimack, NH 03054
603-429-1631
gouldcapital@aol.com
Tri-State Private
Investors Network
In the past five years,
Tri-State PIN members have invested in more than 50 start-up and early-stage
companies. Businesses in which they have invested include manufacturing,
telecommunications, community banks, real estate, software, electronics
manufacturing, microbreweries, theater, Internet, restaurants, and travel. Run
by Sandles Capital Resources and founder Ellen Sandles, the group is based in
New York.
Sweet Spot:
Early-stage companies in Connecticut, New York, New
Jersey, and Pennsylvania.
No-Go:
Don't call or
send snail mail. Send E-mail only, preferably straight from the Web site. In
fact, they were so strict about this, they wouldn't even reveal their phone
number or address when we asked.
Average investment range:
$500,000 to $2 million
Number of angels/investors in the network:
30
Contact:
For more information, please contact via
the Tri-State Private Investors Network Web site. (See link above.)
Silicon Garden Angels &
Investors Network
Invest in companies along the
East Coast, ranging from New Hampshire to Pittsburgh, Baltimore, and the
Washington, DC area.
Average investment
range:
$20,000 to $250,000
Number of angels/investors in the network:
100+
Contact:
Silicon Garden Angels & Investors Network
Dan Conley
32 Cedar Brook Dr.
Somerset,
NJ 08873-2854
732-873-1955
njangels@njen.com
Tech Valley Angel Network (TVAN)
TVAN angels invest in early-stage businesses in northeastern New York and adjacent western New England. Register and complete a business review form on the TVAN Web site for consideration.
Sweet Spot:
TVAN is interested in all types of businesses that demonstrate a good investment opportunity with a reasonable chance to succeed.
Average investment range:
$50,000 to $1 million
Number of angels/investors:
20+
Contact:
Tech Valley Angel Network
Rensselaer Technology Park
120 Defreest Dr.
Troy, NY 12180
518-283-5384
info@techvalleyangels.com
NORTH CENTRAL
Valley Angels Investment Group LLC
No Web site
Invests in companies in Illinois, Iowa, Minnesota, and Wisconsin.
Sweet Spot:
Science technologies, other technologies,
manufacturing and processing.
Average investment range:
$500,000 to $1 million
Number of angels/investors in the network:
16
Contact:
Valley Angels Investment Group LLC
Richard Leazer
2215 South Oneida St., Suite 500
Green Bay, WI 54303
608-832-6365
contact@vaig.org
The Meyering
Corp.
No Web site
Sweet Spot:
Manufacturing technology and new patents.
Average investment
range:
$250,000 to $1.5 million
Number of angels/investors in the
network:
24
Contact:
The Meyering Corp.
20630 Harper Ave., Suite 103
Harper Woods, MI 48225
313-886-2333
cmeyering@ameritech.net
CALIFORNIA
Fast Angels
Invests primarily in
companies in Silicon Valley. Seeks out technology entrepreneurs focused on
helping business "act faster, act smarter."
Sweet Spot:
Seed-
round financing in companies with less than a $2.5-million valuation. Submit
business ideas via the Web site.
Average investment range:
$50,000
to $1 million
Number of angels/investors in the network:
12
Contact:
Web site only. (See link above.)
The Angels' Forum
Invests in companies based in the Silicon Valley
and San Francisco Bay Area. Portfolio companies have come from a wide variety of
industries, including consumer products, enterprise software, industrial
products, Internet and E-commerce, medical devices and services, networking
technologies, pharmaceutical, semiconductors, telecommunications, and wireless.
Most start-up companies come to the group prescreened through professional
contacts in the banking, investment, and legal fields.
Sweet Spot:
Companies specializing in disruptive technologies.
Average investment
range:
$100,000 to $750,000
Number of angels/investors in the
network:
25
Contact:
The Angels' Forum
PO Box 1605
Los Altos, CA 94023-1605
650-857-0700
inquiries@AngelsForum.com
Tech Coast
Angels
Tech Coast Angels operates three regional
networks in Los Angeles, Orange County, and San Diego. Each network holds a
monthly dinner meeting and regular screening sessions to review
promising investment opportunities. Since 1997, the group has invested more than $37
million in more than 40 companies. Invests only in companies in southern
California.
Sweet Spot:
Early-stage technology companies.
Average investment range:
$250,000 to $2 million
Number of
angels/investors in the network:
200+
Contact:
Tech Coast
Angels
23011 Moulton
Parkway
Suite F-2
Laguna Hills, CA 92653
949-859-8445
techcoastangels@aab949.com
Silicon Valley Band of Angels
One of the
earliest angel networks, founded in 1995. Invests across all high-technology
categories. The vast majority of investments have been made in the seed or early
round (Series A or B). As of December 2000, the group had placed $82.6 million
into more than 132 start-up companies.
Sweet Spot:
Silicon
Valley-based high-tech start-ups.
Average investment:
$1 million
Number of angels/investors in the network:
150
Contact:
Band of Angels
3130 Alpine Rd.
Suite 200-7003
Portola Valley, CA 94028
415-441-2887
info@bandangels.com
CVBI Angel
Investor Network
(Central Valley Business Incubator)
Accepts applications only
from businesses in California's Central Valley region.
Average investment
range:
$10,000 to $500,000
Contact:
CVBI Angel Investor Network
2555 Clovis Ave.
Clovis,
CA 93612
559-292-9033
kfurtado@csufresno.edu
Sierra Angels
Preference for businesses located in Nevada,
California, or other nearby locations. Looks for companies offering unique
products with proprietary technology.
Sweet Spot:
Northern
Sierra-based companies.
Average investment range:
$500,000 to
$2,000,000
Contact:
Sierra Angels
PO Box 3215
Incline Village, NV 89450-3215
775-
831-7804
Send E-mail to the most appropriate address:
Software@sierraangels.com
Computing_Communications@sierraangels.com
HealthSciences@sierraangels.com
Internet@sierraangels.com
OtherTech@sierraangels.com
North Bay Angels
Founded June 1998.
Invests in companies in the San Francisco North Bay Area. Accepts proposals
directly, but sponsorship by a member is more commonly successful.
Sweet Spot:
Top picks: Telecommunications, software, Internet,
optics, and medical devices/services. Other potentially attractive investment
opportunities such as real estate development, manufacturing, retail, food/wine
projects, etc. will also be considered.
Average investment range:
$150,000 to $1 million
Number of angels/investors in the network:
100+
Contact:
Contact via Web site only. Use above link.
SOUTH
The Texas Angels
Invests only in Texas-based companies. Meets
monthly in Austin during the spring and fall. The group is coordinated by the
Capital Network.
Sweet Spot:
Early-stage companies in the high-tech
sector.
Average investment range:
$500,000 to $2,500,000
Contact:
The Texas Angels
3925 West Braker Ln.
Suite 406
Austin, TX 78759
512-
305-0840
angels@ati.utexas.edu
Network for Business Acquisitions and
Investments
Has invested in 45 companies since 1995.
Sweet Spot:
Manufacturing and mid-technology.
Investment range:
$10,000 to $3
million
Contact:
Network for Business
Acquisitions and Investments
Jerry Martin
3873 Roswell Rd.
Suite 4
Atlanta,
Georgia 30342-4431
404-261-2434
nbai@bellsouth.net
Houston Angel Network
Currently invests in high-tech
companies. The Houston Angel Network plans to become its own entity at
http://www.houstonangelnetwork.org, and will invest in any industry.
Sweet Spot:
Invests only in companies in the greater
Houston area.
Average investment range:
$500,000 to $2
million
Number of angels/investors in the network:
110
Contact:
Houston Angel Network
Michelle Weisblatt
1200 Smith St.
Suite
2940
Houston, TX 77002
713-533-9986
info@houstontech.org
North Florida Venture Capital Network
Part of the Enterprise North Florida Corp. Invests primarily in
companies in northeast Florida.
Sweet Spot:
Start-up and emerging
technology and manufacturing companies
Contact:
North Florida Venture Capital Network
4905 Belfort Rd.
Suite 110
Jacksonville, FL 32256
904-
730-4700
admin@enfc.org
Dallas Angels
No
Web site
A loosely
organized group of angels who invest in companies primarily in the Dallas area.
Sweet Spot:
High-tech companies.
Number of angels/investors in the network:
100
Contact:
214-520-3688
MIDWEST
St. Louis
Angel Network (SLAN)
Companies must be based in St. Louis to apply or
participate. SLAN members meet approximately every other month, and three
companies are usually selected to make presentations at each meeting. Ten
companies made presentations to SLAN members during 1999, and at least $1
million of investment has been made in those companies directly by SLAN members
or indirectly as a result of the presentation to a SLAN meeting.
Sweet Spot:
St. Louis-based, early-stage technology companies.
Average investment range:
$500,000 to $2,000,000
Contact:
St. Louis Angel Network Inc.
Andrew T. Hoyne
c/o Armstrong Teasdale LLP
One
Metropolitan Square, Suite 2600
St. Louis, Missouri 63102
314-342-8066
ahoyne@armstrongteasdale.com
Silicon
Pastures
Does not focus on any particular industry: "Silicon" means they focus on high-tech, and "Pastures" means
they also focus on old-economy plays. From October 2000 to September 2001, the
group invested in 10 companies, totaling $5 million in funding. Companies are primarily
based in the Midwest, but the group has invested in companies as far west as San
Francisco.
Average investment range:
$250,000 to $350,000
Number of angels/investors in the network:
50+
Contact:
Silicon Pastures
Jeff Rusinow, Managing Director
418 East Silver Spring Dr.
Whitefish Bay, WI 53217
414-332-1700
admin@siliconpastures.com
NEOSA Angel Network
(Northeast Ohio Software Association)
The group's investors will consider companies
within and outside of northeast Ohio. Formally began operations in January 2001.
There is no application fee for entrepreneurs; there is a fee if, once you have
applied, you are selected to present your plan to the steering committee.
Sweet Spot:
Technology-enabled companies, including biotechnology,
consumer products, and polymer companies.
Average investment range:
$25,000 to $250,000+
Contact:
NEOSA Angel Network
Rosie Fini, Angel Network Director
50 Public Square, Suite 200
Cleveland, OH 44113
216-592-2340
rose@neosa.com
Miami Valley Angel Network
No Web site
Established in 1998.
Average investment range:
$100,000 up to
$250,000
Number of angels/investors in the network:
50
Contact:
Miami Valley Angel Network
137 N. Main St.
Suite 702
Dayton, OH
45402-1729
937-222-4422
bzabek@mvedc.org
Pennsylvania Private Investors Group
Invests in companies located within 150 miles of
Philadelphia.
Sweet Spot:
Businesses with
a management team in place that has significant related experience.
Average investment range:
$25,000 to $2,000,000
Contact:
Pennsylvania Private Investors Group
Richard Levin
610 York Rd., Suite 107
Jenkintown, PA 19046
215-884-9300
ext.140
submit@ppig.com
Prairie Angels
A nonprofit, private group of investors that invests
in early-stage companies in the Midwest. The process: A lead angel sponsors a
company before the screening committee. That committee then recommends two or
three companies to present at the group's dinner meeting every other month.
Submissions will not be accepted from the company itself -- a lead angel must
submit the plan. Submission charge: $95. Companies selected to present pay a
$195 presentation fee.
Average investment range:
Up to $3 million
Contact:
Prairie Angels
Todd Belino
c/o Afficient
Corp.
350 West Ontario, 1st Floor
Chicago, IL 60610-4040
312-932-4402
info@prairieangels.org
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