30 May Cowtown Angels’ 4th investment is its largest
FOR IMMEDIATE RELEASE
FORT WORTH, Texas (May 29, 2013) Members of the Cowtown Angels, a program of TECH Fort Worth, have invested $620,000 in Wisegate Inc., the largest investment to date for the Fort Worth-based angel network. This is also the first investment where the Cowtown Angels network has been the lead investor group, involving three other large U.S. angel investor networks.
The $620,000 investment in Wisegate is the fourth investment the Cowtown Angels network has made since organizing in September, 2012. Wisegate is a private, practitioner-based IT research service for senior technology professionals that allows them to tap directly into the most valuable source of information: the collective intelligence and experiences of their peers.
The Cowtown Angels (www.CowtownAngels.org) program connects local “angel investors” with companies in the area needing startup capital. Since its formation, Cowtown Angels has grown to 20 members.
According to the Angel Capital Association, an “angel” is a high net worth individual who invests directly into promising entrepreneurial businesses in return for stock in the companies. They must meet criteria set by the Securities and Exchange Commission for “accredited investors.” Generally, this includes individuals who have a net worth exceeding $1 million, not including their residences.
“I see this investment as validation for our idea that there was a need for a local angel network,” said Darlene Ryan, Executive Director of TECH Fort Worth. “We believe that the Cowtown Angels program increases the amount of entrepreneurial activity here and helps the entire community.”
TECH Fort Worth receives applications of companies who want to “pitch” to Cowtown Angels members at their monthly meetings, presents the qualified applicants to the Angels’ screening committee and helps companies selected by the screening committee prepare their presentations. Angel members decide individually whether they want to invest in a company.
The Cowtown Angels members have invested $1,415,000 in four companies to date and currently have two more deals under consideration. In addition to Wisegate, members have invested:
$345,000 in PerioSciences, which has developed a line of antioxidant oral care products.
$125,000 in National Dental Implant, developing a non-surgical tooth replacement for non-functional teeth.
$325,000 in Inview Technology Corporation, a developer of compressive sensing cameras.
TECH Fort Worth is a nonprofit technology incubator, with offices at the James E. Guinn Complex in Fort Worth South and at the UNT Health Science Center’s Center for BioHealth. Its mission is to grow the local technology-based economy. Cowtown Angels is a program of TECH Fort Worth. For more information, go to www.techfortworth.org or www.cowtownangels.org.