New Angel Fund Invites Investment
Members and Entrepreneurs
A new angel investment fund, Eastern New York Angels, plans to help job growth and economic expansion in Tech Valley by providing seed funding and mentoring to young companies. ENYA is in the process of attracting its initial members, and by January 2011 plans to be ready to invest in regional businesses. The fund’s investments in companies are expected to average about $150,000 each.
With support from the Center for Economic Growth in Albany, which had a previous affiliation with some of ENYA's member-investors through the Tech Valley Angel Network, ENYA seeks investors who are interested in contributing both capital and expertise as business mentors. The minimum investment by members is $25,000.
ENYA will host an informational session for potential investors on November 10 in Queensbury; anyone interested in attending is asked to call 518.690.0620 for more information.
Recently, EDC President Len Fosbrook and several EDC Board members met with principals of ENYA and were given a presentation on the fund's mission and business plan. Fosbrook said, "There's no question that there is a critical need for early stage capital. This should come from a variety of sources, including private sector groups like angel investors, and not simply from public sector dollars."
He added, "EDC is supportive of this approach and is hopeful this could benefit not only regional companies but also firms that are starting up right here in Warren County."
For more information on ENYA, contact Founding Members Dick Frederick or Joe Richardson at 518.690.0620 or visit www.easternnyangels.com.