ANN ARBOR – If you want to join one of Michigan’s most active angel funds, you’ll have to do so quickly. Michigan Angel Fund Managing Partner Skip Simms said in an interview with MITechNews.Com that the sidecar fund is nearly closed.

“We only accept new members when we are repopulating the sidecar fund,” he said. “I can’t publicly say what the buy-in is, but I can say it’s in the middle of five figures. And we’re near closing.”

Sims said one of the fund’s goals is to attract qualified investors to become angel investors so they can learn first-hand what angle investing is all about. He also said MAF operates slightly different from other Michigan angel funds.

“People participate by investing one-time only into the fund so they are not obligated to pay annual dues or make commitments to invest a certain amount of money or companies. They write one participating check only.”

Michigan Angel Fund has more than 140 members, Sims said. To be classified as “qualified investors” individuals need a net worth of $1 million, excluding the value of their primary residence. Or they need $200,000 of income for the past two years. Married couples need $300,000 of income during the past two years.

The fund invests only in early stage Michigan-based tech companies, Simms said. These startups need a minimum viable product (MVP) that is tested, paid for and making some revenue as well.

Michigan Angel Fund was started in 2012 and so far has invested in 28 companies. To see this portfolio, click on