NEWS RELEASE Twin Cities Angels Funds Minnesota-Based Angel Group Launches 2nd Fund
MINNEAPOLIS, (May 20, 2009) – Twin Cities Angels II, LLC (“TCAII”) today announced its second Fund. Members of TCAII met last night to formally launch this second installment of the Twin Cities Angels Funds and review their first set of early-stage company investment candidates. TCAII launches with an impressive group of participants. John Alexander, founder of the TCA Funds, notes that the fund opens with approximately the same number of members TCA-I had when it that fund closed to new members, but anticipates TCAII will ultimately be a larger organization. Twin Cities Angels is still meeting with potential new members and will stay open for additional participants until it makes its first investment. “I am especially pleased with the caliber and experience of the new TCA members,” said Alexander. “The fact that so many members from Fund I remained with us as we started TCAII is a real testament to the success of our work. This group will make Twin Cities Angels even more effective as investors and even more helpful to start-up Minnesota companies.” As with Twin Cities Angels-I, TCAII members meet every 6 weeks to review new investment candidates. The process includes prospective companies submitting their business information via email to a TCA committee, which screens as many as 16 potential companies in advance of the member-only meetings. Up to two company CEOs may then be invited to present at the next meeting. At that meeting, the TCA membership determines whether to do due diligence and investigate any of the opportunities further. If so, a small due diligence team is assembled to learn more about the company and, if determined to be desirable, negotiate an investment on behalf of the membership. Complete details of how TCA reviews potential companies can be viewed at: www.TCAngels.com. Twin Cities Angels-I invested in 12 companies in the last 2 ½ years. “Based upon the number of opportunities we are seeing, I expect that we will make our first investment and close sometime this summer”, said Alexander. “We hope to do at least that many in TCA-II as in Fund I.” About Twin Cities Angels: www.TCAngels.com TCA seeks deal flow in the greater Twin Cities Area of Minneapolis/St. Paul, the state of Minnesota and within a reasonable distance of the Twin Cities in Wisconsin, Iowa, and the Dakotas. Members are educated in desirable investment skills: how to perform due diligence, deal flow creation, legal aspects of investing, term sheet key terms, the venture industry, technologies and other areas of specific interest to angel investors. The membership-lead organization convenes regularly to meet with pre-screened companies regarding potential investments. More information about the Twin Cities Angels is available at www.TCAngels.com.
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