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Angel Investor Groups
Angel Investor Groups are a collection of individual angel investors that come together to source
and review investment opportunities. The angel investor group may invest as a whole or in some cases
they may split the investment among a few select angel investors who particularly like one deal.
Benefits of Angel Investor Groups
The ACA estimates that
there are about 225,000
people who have made
an angel investment of
some sort in the past two
years.
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T he most obvious benefit for the entrepreneur to leverage an angel investor
group is to broadcast their deal to a large number of qualified investors at once.
Unlike a venture capital firm that will often invest in only particular industries,
the angel investor group is made up of many varied interests.
Going through the submission process is a convenient way to identify particular
angels who might be a fit for your deal, even if the group as a whole doesn’t feel
comfortable making the investment. T hink about the group in terms of lots of
prospects instead of just one.
Submitting to Angel Investor Groups
Most well-organized angel investor groups have a formal submission process by
which they accept new business plans and determine which ones they want to
follow-up with. In most cases you can expect to get an answer back from the
angel group, even if the answer is a “no”.
T hese submissions can typically be done online. Members of T he Startups.co
Network or Bizplan can automatically have their plans submitted to angel
investor groups through our system to save some time and headaches.
Focused by Region
Angel investor groups tend to focus most of their investing regionally, as the
investors themselves band together based on their geography. T his winds up
being particular helpful for entrepreneurs because they can reach a large
number of angels close by without having to track them all down individually.
On the other hand, it also presents a bit of a challenge for entrepreneurs who
may not be local to the angel group they want to pitch. T here is no hard and fast
rule here for every group, but pitching your local group is going to be a far
better opportunity than trying to pitch an angel group in another state.
Getting a Sponsor
T he best way to submit your plan to an angel investor group is through a
“sponsor” in the group. Like any other investment deal, angels rely on other
angels to provide some proof that a deal is worth looking at. Instead of trying to
convince the whole group that your deal has merit, consider trying to approach
one member of the group and having them introduce your deal. Y ou’re likely to

2. get a much better response since the group will be using the trusted value of
that angel to look further into your deal.
Side Car Deals
In some cases the angel investor group as a whole may invest a portion of your
total funding amount, with the remainder individually invested by specific
members of the angel investor group. T his is referred to as a “side car” deal
because it’s connected to the larger investment that the group intends to make.
Side car deals are different than just having a few angels who choose to invest
outside of the fund. T he side car deals usually draft off the terms of the original
angel investment but include more stock allocated to particular individuals.
The best way to submit
your plan to an angel
investor group is
through a “sponsor” in
the group.
Due Diligence
If things go well with your pitch to the group you’ll begin the Due Diligence
process. At this point the group will assign a certain number of members to
form a sub-committee to review your deal more closely. Often this is done so
that they can assign people with much greater subject matter expertise in your
particular market or field.
Due diligence can vary in depth and duration, but realize that the investors are
just trying to make sure that everything you are telling them checks out. T hey
want to make sure they understand where your projections are coming from,
whether your product really works, and a little bit more about the people you
have behind your idea. It’s a big commitment they are making, so you shouldn’t
be alarmed that they will want to kick the tires a bit before making an
investment.
Number of Active Angel Investor Groups
According to the Angel Capital Association (ACA), there are between 10,000
and 15,000 angels believed to belong to angel investment groups in the U.S.
Just under 7,000 of them belong to 165 member angel groups that make up the
ACA. T he ACA estimates that there are about 225,000 people who have made
an angel investment of some sort in the past two years.
Angel Investor Group List
We’ve put together a list of popular angel investor groups that you may want to
reach out to as you begin your quest for capital. T his is just a small sample
though. For the complete list of angel investor groups, use the “Investor
Search” feature on T he Startups.co Network.
Medical Growth Fund - Cleveland, OH
North Coast Angel Fund - Cleveland, OH
Queen City Angels - Cincinnati, OH
Ohio T echAngels - Columbus, OH
Akron ARCH Angels- Akron, OH
Rocket Ventures - T oledo, OH
Core Network - T oledo, OH
Central Illinois Angels - Peoria, IL
Cornerstone Angels - Northbrook, IL
Hyde Park Angel Network - Chicago, IL
Stateline Angels - Rockford, IL
Wildcat Angels - Evanston, IL
Illinois Institute of T echnology Angel Network - Chicago, IL

3. P3 Alliance (Purdue Angel Network) - Indianapolis, IN
Irish Angels - Notre Dame, IN
Stepstone Angels - Indianapolis, IN
Phenomenelle Angels - Madison, WI
Silicon Pastures - Milwaukee, WI
Wisconsin Investment Partners - Madison, WI
Marquette University Golden Angels Network - Milwaukee, WI
Blue Water Angels - Midland, MI
Grand Angels - Grand Rapids, MI
Michigan Angel Program - Detroit, MI - email
RAIN Source Capital - St. Paul, MN
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