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A group of individual investors have formed a formal angel group in
Bellingham
,
Washington.
The Bellingham Angels formally announced their formation at an Eye of the Investor event on Sept. 23. The group currently has more than 20 active accredited members, and is part of the WTC Angel Network, a statewide alliance of angel groups in communities across the state.
Private investors, or “angels,” are critical to the success of start-ups. They often fill funding gaps for early-stage companies who need financing beyond what they can raise from family or friends and who are not yet ready to go after venture capital.
“It takes capital to grow a company,” says Paul Grey, CEO of AudienceCentral, a
Bellingham
company that develops and implements industry-leading advanced communication management technology. “Beyond friends and family, angels are the next source,” he notes.
"Bellingham
and
Whatcom
County
have a number of high net-worth individuals with vast business experience who have the ability to be successful, active angel investors,” says
Nate Silverman
, manager of the WTC Angel Network. “In forming the Bellingham Angel Group, these individuals are creating a powerful investment resource for their community,” Silverman explains.
"Entrepreneurs are going outside the region for seed capital because they don’t know how to connect with investors in their area,” he continues. “Formalizing their investment activities gives these individuals more visibility and, in turn, allows them to attract better deals by teaming up on due diligence, proposal review, and by pooling resources for larger investments.”
For the companies, angel groups allow entrepreneurs to approach several investors at a time. “While an angel network wasn’t available at the time AudienceCentral was raising capital, I’m pleased that such a network is forming now,” Grey adds. “Had a network been in place, it would have saved a lot of my time that could have been focused on growing the business."
Like most angel groups, the Bellingham Angels will strive to focus their investments on early-stage technology companies in their own community. Entrepreneurs interested in being considered by the Bellingham Angels for investment can submit a request on their website: www.bellinghamangels.com. If selected, the company would present, by invitation only, to the group at its quarterly meeting.
Through the WTC Angel Network, the Bellingham Angels will also have the opportunity to collaborate with fellow member angel groups across the state. The network provides the framework for individual groups and member investors to access the latest research, industry resources, and investment opportunities screened or endorsed by other angel groups.
WTC’s Angel Network helps angel groups get started and provides ongoing resources and services to these groups. The
Washington
Technology
Center
created the Angel Network as a result of community outreach and focus group studies that pointed to a need to develop seed capital groups outside the
Puget Sound
region to help young technology companies move from the R&D phase to commercialization.
Currently the WTC Angel Network is helping angel groups get started in four communities in
Washington
including
Wenatchee
, Tri-Cities and the
San Juan Islands
. For more information, link to WTC Angel Network on the WTC website.
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