New York, NY (PRWEB) August 29, 2012
Today, ARC Angel Fund (http://www.arcangelfund.com) announced the final close of its first Angel Fund in NYC. The seed fund closed at $3.5M with 70 Angel Investor Members.
ARC Angel Fund (“ARC”) has been active on the early-stage investing scene since its debut last year, and has since invested in 12 early-stage companies in NYC and the surrounding areas. What makes ARC different than the traditional venture fund is that all of its investors have the opportunity to take part in the management of the Fund, screen the investment opportunities that present, and vote on the investments before they are consummated.
“When the ARC Angel Fund was originally conceived we knew there was a void in the marketplace in New York City for matching promising emerging companies with a committed capital angel fund that could add more than just money. We are pleased that after our launch two years ago we have achieved our objectives of marrying innovative companies with angel investors committed to their success,” said David Freschman, Founding Partner of ARC, and Managing Partner of Innovation Ventures, an East Coast early- and growth-stage venture fund.
“We are extremely pleased with our final close of ARC,” said Joe Rubin, Founding Partner of ARC, and Director of FundingPost, a national venture event company. “We hit our target number, we are putting capital to work, and have put together a fantastic group of investors who are actively involved in the Fund and the early-stage New York ecosystem.”
ARC’s model has spawned both friendships and side-project partnerships among the Fund's members, including two additional venture funds. Many of ARC’s members are committed to this economic sector and serve as mentors at various organizations in and out of the City, and speak at conferences up and down the East Coast.
ARC Angel Fund was started two years ago by David Freschman, Michael Kelley, Ed Reitler and Joe Rubin, and is the first and only Angel Fund in NYC. The Fund’s progress includes investing in 12 companies from which two have already exited. Portfolio companies include, among others: Careerminds, Medivo, UpNext, Sidecar and Human Demand.
More information on ARC, its history, members and investment criteria can be found at http://www.arcangelfund.com
ARC Angel Fund