ADFA Approves Funding for Angel Capital Network - Innovate Arkansas
ADFA Approves Funding for Angel Capital Network
By Mark Carter, 7/20/2012 2:35:37 PM
Gravity Ventures Arkansas is one of two angel investment firms set to receive funding from the Arkansas Seed & Angel Capital Network, a program of the Arkansas Development Finance Authority announced late last year.
The ADFA board approved a $750,000 investment in Gravity's Little Rock-based Arkansas fund and TriStar Technology Ventures II of Nashville, Tenn. Gravity will receive $250,000 and TriStar $500,000, with which it would create the subsidiary fund TriStar/Arkansas.
ADFA will now wait on approval from both firms."We're excited about having the opportunity to work with these investor groups, but they will decide if they want us as a member," ADFA vice president for development finance Gene Eagle told Arkansas Business.com.
The Arkansas Seed & Angel Capital Network represents a "fund of funds" (multi-manager) investment model. Its goal is to create a network of angel investors in Arkansas helping local entrepreneurs, according to a news release.
"At the heart of this system is a method for facilitating careful investing by angel investors, matching these investors' dollars and connecting them to more sources of technology, capital and business-building talent," Eagle said in the release.
These investments represent the first made in organized funds. In April, ADFA approved $125,000 through the program for the ARK Challenge business accelerator in Fayetteville.
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