The Fort Worth Texas based Cowtown Angels, part of TECH Fort Worth have announced their fourth and largest investment to date. Cowtown has invested $620,000 into Wisegate Inc. This was also the first time that Cowtown Angels have led a round of financing.
The Cowtown Angels members have invested $1,415,000 in four companies to date and currently have two more deals under consideration. In addition to Wisegate, members have invested:
$345,000 in PerioSciences, which has developed a line of antioxidant oral care products
$125,000 in National Dental Implant, developing a non-surgical tooth replacement for non-functional teeth
$325,000 in Inview Technology Corporation, a developer of compressive sensing cameras.
Wisegate is an online community designed to enable IT professionals to exchange ideas and solve problems. The company was founded in 2007 and is generating revenue from their $3,000 annual memberships. Wisegate CEO told the Austin Business Journal that the company has “thousands of members”
Cowtown Angels were the lead investor in a $2.8 million dollar round with 23 participants. They previously raised $461,000 in 2011 and $900,000 in 2010.
TECH Fort Worth receives applications of companies who want to “pitch” to Cowtown Angels members at their monthly meetings, presents the qualified applicants to the Angels’ screening committee and helps companies selected by the screening committee prepare their presentations. Angel members decide individually whether they want to invest in a company.
“I see this investment as validation for our idea that there was a need for a local angel network,” said Darlene Ryan, Executive Director of TECH Fort Worth. “We believe that the Cowtown Angels program increases the amount of entrepreneurial activity here and helps the entire community.”
There are currently 20 members in the Cowtown Angel network.
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