All over North America, successful tech entrepreneurs have morphed into Angel investors and passed their knowledge (and much needed money) to the next wave of great ideas. It’s an important piece of the tech startup ecosystem and even more critical today considering the shortage of VC funds in the market.
This Angel evolution seems to flourish in the Pacific Northwest and Seattle’s Founder’s Co-op is a prime example. Founder’s Co-op is a peer-to-peer seed-stage investment fund that has pooled the resources and expertise of successful entrepreneurs and early-stage investors to make bets on smart people with great ideas.
The fund is managed by General Partners Andy Sacks and Chris DeVore and typically invests $100-300K in an angel round. To date they’ve made three investments totalling $700K. Last week they announced that they raised an additional $1.8 Million from a number of well-known Seattle entrepreneurs bringing their total fund to $2.5 Million. The new financing saw 14 Limited Partners join the Co-op putting in $150-200K each.
Gregory Huang of Xconomy Seattle recently sat down with Founder’s Co-op General Partner Andy Sacks to learn more about their plans. Not a surprise as Sacks, likes most Angels, will “have coffee with anyone”. Be sure to have a read of Huang’s post.
If you know of a similar band of angels in your hometown, be sure to mention them in the comments.