Tamiami Angel Fund I Complete It's Initial Closing
Naples, FL, August 05, 2010 --(PR.com)-- The Tamiami Angel Fund I, LLC, announced today that it has completed an initial close on investment commitments of $1.5 MM. The Tamiami Angel Fund I, LLC (“TAFI” or “the Fund”), secured investments from a wide range of accredited investors including family offices and individual investors. The Fund will start reviewing investment opportunities immediately and plans to hold its first member meeting in October.
TAFI, the first of its kind in Southwest Florida, is a formal fund of growth capital organized to invest in Florida-based early stage through expansion stage companies. The Fund is a member-managed for-profit limited liability company. It seeks to provide its members an opportunity for active involvement in a diversified capital investment process and a portfolio of high quality, high growth companies.
The Fund’s strength will be in its members - a group of mostly retired, highly successful men and women, who have migrated to the extremely popular Southwest Florida region, enjoy entrepreneurship and can afford to invest risk capital in start-up businesses. Traditionally, Southwest Florida’s wealth has invested outside the local community, consequently, in the past, local businesses had been forced to seek financing from sources outside the region or state. Timothy Cartwright, Chairman of the Tamiami Angel Fund, stated, “The entrepreneurial landscape in Southwest Florida changed today. I’m very pleased to announce the establishment of the Tamiami Angel Fund I. Southwest Florida now joins other regions in the state and entrepreneurial regions throughout the county in having an organized pool of growth and intellectual capital ready to invest in the best emerging growth companies.”
There are very few Venture Capital firms located in the state of Florida and most of them do not engage in early stage investing. Therefore, venture capitalists leave a funding gap or chasm in the capital continuum. The gap exists as to time – during the earliest stages of a start-ups life, which lasts at least a year – and as to capital – for amounts under $2 million. TAFI will help to address this gap that exists when an entrepreneur has exhausted “friends and family” start-up financing but is not yet ready for institutional investment such as venture capital or bank debt.
The Fund will help facilitate investment by addressing two major stumbling blocks that typically prevent individual angels from investing with entrepreneurs; due diligence and investment terms, primarily concerning the issue of company valuation. A significant advantage over individual investing is that the Fund will coordinate due diligence efforts across the collective wisdom its 30 members with diverse backgrounds. By cooperating on due diligence, a more robust examination can be performed and better investment decisions can be made. Equally important is the term sheet or the terms under which an investment is made as negotiated with the entrepreneurs. Uniting the members under one term sheet simplifies a difficult and often contentious conversation.
"For those high net worth individuals who enjoy angel investing, TAFI offers the ideal investment forum and vehicle for early stage investing in a well balanced and diversified asset allocation plan. It has been designed from the investing members' point-of-view. The Fund’s structure assures that all members of the fund benefit from each other’s investment experience, while still having the opportunity to individually vote on investments. Equally important, it allows investors to diversify their portfolios."
About The Tamiami Angel Fund:
The Tamiami Angel Fund’s origin started with the establishment of the Gulf Coast Venture Forum in 2001. The Gulf Coast Venture Forum (”GCVF”), the second largest Angel Investment Network in Florida, currently operates with two chapters located in Naples and Sarasota. In 2008, the GCVF, Charlotte County Economic Development Office, Economic Development Council of Collier County, Economic Development Corporation of Sarasota County, Economic Development Office of Lee County, Hendry County Economic Development Council, Glades County Economic Development Council, Regional Business Alliance of Southwest Florida, Edison State College, Hodges University, Florida Gulf Coast University, and Ave Maria University investigated the feasibility of starting a local Angel Fund in a study called the Southwest Florida Regional Angel Fund Assessment (“SWFRAFA”). The creation of the Tamiami Angel Fund I, LLC was a consensus strategic outcome of this study. For more information, go to www.tamiamiangels.com.
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TAFI, the first of its kind in Southwest Florida, is a formal fund of growth capital organized to invest in Florida-based early stage through expansion stage companies. The Fund is a member-managed for-profit limited liability company. It seeks to provide its members an opportunity for active involvement in a diversified capital investment process and a portfolio of high quality, high growth companies.
The Fund’s strength will be in its members - a group of mostly retired, highly successful men and women, who have migrated to the extremely popular Southwest Florida region, enjoy entrepreneurship and can afford to invest risk capital in start-up businesses. Traditionally, Southwest Florida’s wealth has invested outside the local community, consequently, in the past, local businesses had been forced to seek financing from sources outside the region or state. Timothy Cartwright, Chairman of the Tamiami Angel Fund, stated, “The entrepreneurial landscape in Southwest Florida changed today. I’m very pleased to announce the establishment of the Tamiami Angel Fund I. Southwest Florida now joins other regions in the state and entrepreneurial regions throughout the county in having an organized pool of growth and intellectual capital ready to invest in the best emerging growth companies.”
There are very few Venture Capital firms located in the state of Florida and most of them do not engage in early stage investing. Therefore, venture capitalists leave a funding gap or chasm in the capital continuum. The gap exists as to time – during the earliest stages of a start-ups life, which lasts at least a year – and as to capital – for amounts under $2 million. TAFI will help to address this gap that exists when an entrepreneur has exhausted “friends and family” start-up financing but is not yet ready for institutional investment such as venture capital or bank debt.
The Fund will help facilitate investment by addressing two major stumbling blocks that typically prevent individual angels from investing with entrepreneurs; due diligence and investment terms, primarily concerning the issue of company valuation. A significant advantage over individual investing is that the Fund will coordinate due diligence efforts across the collective wisdom its 30 members with diverse backgrounds. By cooperating on due diligence, a more robust examination can be performed and better investment decisions can be made. Equally important is the term sheet or the terms under which an investment is made as negotiated with the entrepreneurs. Uniting the members under one term sheet simplifies a difficult and often contentious conversation.
"For those high net worth individuals who enjoy angel investing, TAFI offers the ideal investment forum and vehicle for early stage investing in a well balanced and diversified asset allocation plan. It has been designed from the investing members' point-of-view. The Fund’s structure assures that all members of the fund benefit from each other’s investment experience, while still having the opportunity to individually vote on investments. Equally important, it allows investors to diversify their portfolios."
About The Tamiami Angel Fund:
The Tamiami Angel Fund’s origin started with the establishment of the Gulf Coast Venture Forum in 2001. The Gulf Coast Venture Forum (”GCVF”), the second largest Angel Investment Network in Florida, currently operates with two chapters located in Naples and Sarasota. In 2008, the GCVF, Charlotte County Economic Development Office, Economic Development Council of Collier County, Economic Development Corporation of Sarasota County, Economic Development Office of Lee County, Hendry County Economic Development Council, Glades County Economic Development Council, Regional Business Alliance of Southwest Florida, Edison State College, Hodges University, Florida Gulf Coast University, and Ave Maria University investigated the feasibility of starting a local Angel Fund in a study called the Southwest Florida Regional Angel Fund Assessment (“SWFRAFA”). The creation of the Tamiami Angel Fund I, LLC was a consensus strategic outcome of this study. For more information, go to www.tamiamiangels.com.
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Contact
Tamiami Angel Fund I
Kristi Zammit
239-262-5248
www.tamiamiangels.com
Kristi Zammit
239-262-5248
www.tamiamiangels.com
Contact
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