Irvine-based angel investor network Tech Coast Angels has provided more than $4.5 million in direct TCA investment for innovative startups and companies across the country during the first six months of 2012.
TCA Chairman Stephen Flaim said the group is a valuable resource for promising businesses. “By providing early funding, mentorship and strategic support to early-stage entrepreneurs, particularly in a risk- and investment-averse business environment, we help foster innovation and entrepreneurship throughout our communities.”
Overall, the group raised more than $10 million in total investment funds in support of the 17 businesses through its five networks in the state: Los Angeles, Orange County, San Diego, Central Coast and the Inland Empire.
The largest angel investor network in the U.S., TCA has also conveyed support for the growing trend of business accelerators and incubators, which provide new startups and companies with important resources and services to facilitate growth and development.
“We don’t view accelerators as competition; it’s quite the opposite. We embrace their place in the startup ecosystem,” Flaim said. “Companies graduating from accelerators have fine-tuned product market fit, customer acquisition, go-to-market strategy and their business model. TCA is often a critical next-step funding source for these companies.”
The numbers measure up with the group’s performance over the same period last year, when it also funded 17 companies. In the first six months of 2011, TCA raised a total of $11.9 million in funds, with $4.4 million coming from direct member investments.
“TCA looks forward to sharing capital and experience with more young entrepreneurs in the second half of 2012,” said Flaim. “Our members continue to explore opportunities to invest in and support diverse and exciting companies.”
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