Tuesday, December 16, 2008

NY Angels investment details

I have been involved with a local group of Angel investors (New York Angels) led by its Chair David Rose, and Executive Director, Paul Sciabica. Mirroring the local deal flow, and general paucity of local early stage investors, the group has been an active investor in software/internet companies. It's 70+ members include savvy folk such as Gideon Gartner (Gartner Group), Scott Kurnit (about.com), Howard Morgan (First Round Capital and idealab), Alan Patricoff (Apax and Greycroft)and Esther Dyson.

During the past 5+ years, the group has been an active investor in NY with more than $35mm invested in 54 companies. This year looks to be similar to '07 with nearly $8mm invested (40% in add-on rounds). Different from VC's, and keeping with the pattern of many Angel investors, nearly 60% of the capital has been invested in the initial financing round, with 40% allocated in follow-on's (where, upon success, professional capital usually comes in to lead).

The deal flow seems strong with 10-15 new prospects screened each month, and 3-5 presented to the group for consideration. The NYA is primarily an early stage investor and has experienced 3 recent exits.

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