A new angel fund is seeking accredited Idaho investors to pool capital to support early stage or pre-revenue companies in Idaho.
As defined by the Securities and Exchange Commission, an accredited investor and his or her spouse generally have a net worth exceeding $1 million, not including the equity in their primary home.
The for-profit Gem State Angel Fund is self-governed and member managed, says Kevin Learned, an angel investor and a partner in Loon Creek Capital Group, a Boise business that helps angel investors and angel funds. Loon Creek will provide organizational services to the fund.
A news release says:
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▪ The fund is selling up to 40 units of membership at $50,000 per unit.
▪ Fund members will be responsible for helping with screening, due diligence, company monitoring and other duties.
▪ The fund is affiliated with the Boise Angel Alliance and is the fourth angel fund formed under its auspices. Previous funds have limited their Idaho investments to companies in the Treasure Valley. The Gem State Angel Fund is the first to seek investors from throughout the state with an intention to invest in companies statewide.
▪ Members of the Boise Angel Alliance have invested more than $12 million over the past nine years in Northwest companies, primarily in the Treasure Valley. Their companies have created more than 375 jobs in the Treasure Valley with a 2015 payroll of about $38 million.
David Staats: 208-377-6417, @DavidStaats. This story appears in the Oct. 19-Nov. 15, 2016, edition of the Idaho Statesman’s Business Insider magazine as part of a special section on the business of health. Click here for the e-edition (subscription required).