Twin Cities Angels (TCA) is raising a third fund — aptly named Twin Cities Angels 3 — and seeking local accredited investors to join the fold.
TCA’s inagural fund launched in 2006 and backed 12 companies with “north of 5 million” in capital, says Founder & Chairman John Alexander. The second fund, which is currently wrapping up, also has invested in 12 ventures (around $5m) and could increase before exhausting TCA 2 in the coming months.
Alexander counts 50 members in TCA 2 and anticpates more in their next fund.
The requirements for those qualified and interested is to have had a “professional level of success”, attend 5 of 8 annual meetings, and put forth $50k into the fund pool. Members can also elect to invest additional capital through the fund into specific deals.
“Our culture is critically important. We like to learn a lot from eachother, as our members usually have day jobs, it’s necessary for us to work together to increase dealflow, screen startups, and maintain relationships via board seats/observer rights.”
“Dealflow has not been a problem,” Alexander adds. He says that the group receives, on average, a dozen applications per month, which narrows to 2-3 every six weeks that pitch the group for consideration. Local tech startups previously backed by TCA include: Sport Ngin, Perk Health, UnityWorks, ReconRobotics and Marner Storage (exit).