Largest Angel Network in United States Invests in 17 Innovative Companies Across Broad Range of Industries
IRVINE, Calif. – August 15, 2012 – Tech Coast Angels (TCA) raised more than $10 million of total investment in 17 innovative companies, including $4,571,000 of direct TCA investment, during the first half of 2012 via the group’s five networks (Los Angeles, Orange County, San Diego, Central Coast, and Inland Empire). The investment portfolio for the period spans a wide spectrum of young, innovative companies — from mobile advertising platforms and social loyalty marketing, to biopharmaceuticals and organic plant food.
Companies funded by TCA in the first six months of 2012 are: Active Life Scientific, Cadence Biomedical, Cashie Commerce, Cognition Therapeutics, Emerald Logic, ExtendCredit, Gemmus Pharma, GridTest Systems, H2scan, Hipmunk, Pagewoo, PetPlay, Social Annex, Social Rewards, ViroPan, Vokle, and Wasatch Microfluidics.
Compared to the same period in 2011, the group maintained a consistent level of support and funding to the same number of young, fast-growth companies (in 1H 2011, TCA invested in 17 companies for $4.4 million, with a total investment of $11.9 million).
“TCA is a valuable, receptive resource for promising companies. By providing early funding, mentorship and strategic support to early-stage entrepreneurs, particularly in a risk- and investment-averse business environment, we help foster innovation and entrepreneurship throughout our communities,” said Stephen Flaim, Ph.D., FACC, FAHA, chairman of Tech Coast Angels.
TCA also expressed its support for the recent rise of accelerators and incubators in Southern California. “We don’t view accelerators as competition; it’s quite the opposite. We embrace their place in the startup ecosystem,” continued Flaim. “Companies graduating from accelerators have fine-tuned product market fit, customer acquisition, go-to-market strategy and their business model. TCA is often a critical next-step funding source for these companies.”
“TCA looks forward to sharing capital and experience with more young entrepreneurs in the second half of 2012,” said Flaim. “Our members continue to explore opportunities to invest in and support diverse and exciting companies.”