The Mission of X Squared Angels is to demonstrate and promote the financial effectiveness of gender diverse management teams through investing in their companies. The goals of X Squared Angels are to generate above-average returns, create jobs and wealth for founders, engage more accredited angel investors, and increase deal flow and syndication opportunities in the Midwest. X Squared Angels typically invests in technology, life science, medical device, and advanced materials companies located in North America that have at least one woman in a high-level position with significant equity, barriers to entry, a market over $500 million, and an exit strategy within 3-5 years.

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Mission
The Mission of X Squared Angels is to demonstrate and to promote the financial effectiveness of gender diverse
management business teams through investment in their companies.
Goals of X Squared Angels
 Demonstrate the effectiveness of female and male management teams
 Generate above average returns when compared with other angel groups
 Create jobs as well as founders’ wealth
 Engage more accredited angel investors
 Increase deal flow within the mid-west
 Provide deal syndication opportunities among angel groups
 Promote shared learning from other angel groups
Investment Strategy*
 Companies with at least one woman at
the C-level who owns significant equity
 IT, software, biological science,
advanced materials, medical devices,
and most other industries, located in
Ohio as well as the rest of North
America
 Products with high barriers to entry
 Market size >$500M
 Exit strategy with substantial financial
payback for founders
 3 to 5 year target exit with highest ROI
possible for investors
Expanded Investment Strategy*
Typically an X Squared Angels (XSA) portfolio company will have a woman founder and CEO, but
these criteria are also acceptable:
• The woman must have a C-level title. We care about whether she has power and
influence within the organization.
• She must own significant equity and “significant equity” depends upon the
circumstances. For example, a founder seeking a Series A with less than 50% equity might
not be considered reasonable while a CEO who has been hired in after a Series A round
who owns 10% equity might be sufficient.
High potential technology companies in IT, software, biological sciences, medical devices, or
advanced materials will possess a clearly identified and unique differentiating factor that positions
the product/solution as a potential high margin market leader. These companies will gain traction at
XSA as long as they are capital efficient and have a plausible strategy to exit within approximately 5
years from the date of our initial investment. If a company is located in Ohio, then it is expected to
apply for the Ohio Tax Incentive Tax Credit (OTITC), if applicable.
Consumer Goods companies normally need to have reached revenues >$500,000 and gross
margins >40%.

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These attributes will describe the X Squared Angels portfolio organizations:
• Scalable product and business model
• Product is in beta (versus alpha) stage of development and has been developed with input
from clients or potential clients
• Company has at least two paying clients
• Management team is well rounded and experienced in their market sector
• A clear exit strategy is in place for an exit within 3-5 years
• Company is a C corporation or must be willing to convert to a C corporation, when XSA
initiates and syndicates the deal
• Pre-money valuation is typically less than $5M, particularly if it is a pre-revenue company
An exception to these attributes may be made, especially with technology companies, where the
group may invest in seed stage pre-revenue companies.
XSA will not fund real estate projects, television or radio programs, films, theater or art
productions or companies represented by brokers of any kind.
Please contact Carol Clark, Founding Member, carolahclark@gmail.com, for more information.
TechColumbus, 1275 Kinnear Road, Columbus, Ohio 43212
614 – 306 - 2396