Members of Gopher Angels have invested a combined $100k into At-Scene, known for their police-friendly mobile application iCrime Fighter, and $175k for Thrill On, pioneers of the social tagboard site for adventurous individuals.
“For both companies, their strong revenue models and management/board were the deciding factor,” Russick explains.
To date, Gopher Angels has invested in 15 companies at about $4.5 million; other Minnesota tech startups in the portfolio include: DealCurious/BuyerCurious ($100k), Naiku ($1m), RiteSoft ($150k), and Seeonic ($125k). Funding startups and growing membership base seem to go hand in hand as Russick says the number of accredited investors has grown to 55.
“Our group seems to have moved up stream and away from seed stage funding and the members seem to want to invest in businesses that are a bit further along with some proof of concept, customers and revenue. But with such a diverse group, I would encourage all entrepreneurs to look at Gopher Angels…we have passed on deals we thought were too early only to invest in them one year or more later.”