Meridian, ID (PRWEB) July 25, 2012
The work to establish access to new capital to fund business development in Idaho today reached an important milestone: accredited investors have responded with capital commitments of hundreds of thousands of dollars to the new Treasure Valley Angel Fund -- sufficient for organizers to launch the fund and begin investing in early stage companies with compelling opportunities to grow.
Accredited investors -- those with more than $1 million in net assets beyond their primary residence or those who earn in excess of $250,000 per year -- have committed more than $750,000 to formally open only Idaho's second angel fund. The fund's bylaws require an initial commitment of $750,000 out of a maximum of $2 million to close and begin operations.
"The Treasure Valley Angel Fund is the kind of jobs- and opportunity-creating machine that will help accelerate Idaho’s economic growth through the skill and experience of proven business leaders and the creative energy of entrepreneurs," Idaho Governor C.L. "Butch" Otter said.
In a formation meeting, The CORE Chairman Earl Sullivan, who served as interim chairman of the Treasure Valley Angel Fund, handed control of the new organization over to its members.
"Members of The CORE, who are committed to building out a core competency in Idaho in health care, health research and innovation, are energized by the response of investors to grow the base of capital on which Idaho’s growing economy is built," Sullivan said.
The fund will be managed by Loon Creek Capital whose co-founder, Kevin Learned, helped create one of Idaho's first software companies.
"Idahoans have known for more than a century when to make an investment to prime the pump, and they have done it again," Learned said.
Additional accredited investors in Idaho can review the fund's offering memorandum by contacting organizers at info(at)treasurevalleyangelfund(dot)com , at http://www.treasurevalleyangelfund.com or at http://www.looncreekcapital.com. Investments for individual accredited investors or groups are in $50,000 shares up to a maximum fund of $2 million.