INDIANAPOLIS, Indiana (February 27, 2018) – – VisionTech Angels, Indiana’s largest and most active angel investing group with five chapters across the state, invested a total of $2.6 million in eight early growth startup companies in 2017. Even more impressive, $2.1 million was specifically directed to Indiana-based companies. The eight companies raised a total of $13.3 million in the investment rounds in which VisionTech Angels participated.
The companies receiving first-time and follow-on capital from VisionTech Angels in 2017 include: Boardable, Boosterville, InScope Medical, PhotoniCare, SeikoWave Energy, SonarMed, Tenant Tracker, and WorkHere. PhotoniCare is based in Illinois and SeikoWave Energy in Kentucky. The remaining companies are headquartered in Indiana.
Commenting on last year’s investments, VisionTech Executive Director Ben Pidgeon says the group’s growing investment portfolio is reflective of Indiana’s growing reputation as a hotbed of tech startups and a greater appetite for startup capital.
“The volume of deals presented to VisionTech Angels has grown exponentially over the last year; it’s like someone turned on the faucet of entrepreneurs with great tech ideas and interesting business models. Last year, we were approached by more than 300 startups and after a rigorous screening process, 15 were invited to present to our members. The eight we invested in are truly cream of the crop.”
Pidgeon says that VisionTech Angels’ sweet spot is early growth startup companies that have proved their business models and are near to or in the early stages of generating revenue, yet have limited sources of investment capital. Up to this point, they have typically relied on friends and family or are self funded and need additional capital. VisionTech Angels fills the gap between self-funding and venture capital with initial investments, follow-on rounds and strategic mentoring that helps startup companies to continue to advance.