DETROIT, March 5, 2019 /PRNewswire/ -- Grand Rapids-based Grand Angels, one of the state's most prominent angel investor groups, in collaboration with a consortium of Detroit investors, today announced the launch of Woodward Angels, Detroit's first Angel Group.
"Michigan presents the ideal backdrop for innovation-driven startups," said Tim Parker, Grand Angels President and co-founder of Michigan Capital Network. "We have already experienced success investing in Grand Rapids and Kalamazoo through Grand Angels and Ka-Zoo Angels, and now Woodward Angels' investments in Detroit helps to further our mission of a connected Michigan tech ecosystem."
An affiliate of Grand Angels Holding Company, LLC and the Michigan Capital Network, Woodward Angels will leverage its unique membership and geographical presence to identify and quickly deploy early stage capital to tech and digitally scaling businesses located in Detroit.
"We realized that early stage investment was one of the largest obstacles facing companies looking to scale and succeed in Detroit," said Lauren Hoffman, Director of Woodward Angels. "This group serves to fill in that gap by connecting startups with local capital, and at the same time helping them access mentorship, expertise, and key relationships that come with a strong network of early local investors, many of whom are successful operators of growing businesses themselves."
The 'Angel' investors are individual leaders from a diverse pool of local businesses as well as those who no longer reside in Detroit, but still maintain a connection and/or affinity to their hometown. Membership in Woodward Angels comes with significant commitments; each individual must invest a minimum of $25,000 per calendar year in Detroit area startups and in return, have direct access to vetted deal flow of companies seeking capital, investment support, and personalized reporting on their portfolios.
"As Detroit continues to evolve into a leading technology hub, it is important that the local startup ecosystem has all of the elements necessary to remain competitive and increase the likelihood of success for entrepreneurs who locate to the city," said Dan Gilbert, Founder and Chairman of Quicken Loans and a founding member of Woodward Angels.
For its part, the Woodward Angles management team, which is supported by the professional back office of Grand Angels, leads investor relations, portfolio reporting, deal sourcing and manages due diligence on all potential startups. Selected startups are presented to members through pitch meetings every two months, the first of which took place on February 20 in downtown Detroit.
Woodward Angels deploys 100 percent of investment capital directly to the startups.
Operating expenses are covered through annual membership fees and sponsorships.
For additional information about membership and startup pitching visit: woodwardangels.com
About Woodward Angels
Woodward Angels is a Detroit-based angel investor group that activates smart, founder-friendly, early stage capital for high-growth companies in and around Detroit. For more information, visit: woodwardangels.com
About Grand Angels and the Michigan Capital Network
Founded in 2004, Grand Angels is a group of accredited investors who are committed to using financial, intellectual and social capital to build a strong entrepreneurial ecosystem that enhances the economic development of Michigan. Each member is committed to using their capabilities and perspectives on business to advance early-stage startup growth, job creation and talent development. In addition to angel investments, Grand Angels' third committed capital fund, the Grand Angels Venture Fund III, was launched in 2018. They launched the Michigan Capital Network in August 2017, by opening the Ka-Zoo Angels. Woodward Angels is third affiliate group of the Michigan Capital Network.
SOURCE Woodward Angels