X Squared Angels Group invests in women-led startups. The group welcomes female and male accredited investors as members.

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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.
Rules of Engagement
• Accredited investor members
• $2k for one year membership, plus suggested minimum $10k sidecar investment annually; an Ohio
TechAngels Fund (OTAF) member can participate for the first year for $1k
• Meetings
o Can attend 1 Members’ meeting monthly for company presentations plus Q & A. Time
commitment is 2.5 hours: 1 hour during which companies will present and 1.5 hours of
Deep Dive questions after which we will decide whether we have ongoing interest.
o May work on a Due Diligence (DD) team
o May attend Initial Screening Committee (ISC) monthly meetings
o Can attend OTAF membership and ISC meetings with no vote
o Can work on OTAF DD teams with a vote, if he/she plans to invest
o Members’ meetings will be held on the first Tuesday of each month, at TechColumbus, at
11 am.
• Governance of X Squared Angels
o XSA has an Executive Committee of 5 members.
o These working committees are established:
 Deal Flow / Initial Screening
 Training
 Membership
Please contact Carol Clark, Founding Member, carolahclark@gmail.com, for more information.
TechColumbus, 1275 Kinnear Road, Columbus Ohio 43212
614 – 306 - 2396