BLOOMFIELD HILLS ? The Great Lakes Angels, a group of well-healed private investors, pumped nearly $4 million into 24 deals in fiscal 2003, up from just $225,000 the year before. Many of those investments were in Michigan companies.
“I feel with the continued build up in attendance at our events, our steady increase in deal flow and new alliance with Wayne State University’s TechTown that we will see more deals worthy of investment as we move forward,” said GLA President David Weaver.
From those angel investors reporting investments in 2003, approximately $3,875,000 was invested in 24 different deals. The average investment was about $160,000. When looking at just technology investment, the sectors getting funding were software, nine, Life Sciences, six, Energy, three, Semiconductors, two, Nanotechnology, two, telecommunications, one, and transportation, one.
GLA Board Member Rick Inatome, one of the state?s best known technology entrepreneur?s, said the importance of forums like Great Lakes Angels is it helps diversify the Michigan economy and drives future innovation.
Great Lakes Angels is a nonprofit 501.c.6 corporation that seeks serious, active investors only. Attendance is open only to those who would intend to make a minimum of a $25,000 investment in one or more companies presented by the Great Lakes Angels in each calendar year.
The other criteria is membership is restricted to Accredited Investors or those who have been approved as designated screeners for an Accredited Investor. A Screening Committee screens Business Plans and companies for potential investment.
In 2003, the Screening Committee shared 55 deals and had 12 of those companies present to the group. Three companies that presented received some funding. Those companies were MIG, KinderStreet & Swing with the Pros.
For more information, click on GLAngels.Org
