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By Tim Cartwright
Chairman, Tamiami Angel Funds As the largest angel-fund organization in the State of Florida, Tamiami Angel Funds has considered close to five thousand investment ideas from entrepreneurs seeking funds to grow their early-stage companies since we were founded in 2010. Because we manage four angel funds and have recently surpassed $25MM of invested capital across 38 portfolio companies, the members of Tamiami Angel Funds have a special perspective on what it takes to earn our backing. Although a highly risky asset class, fact is, angel investing is an important source of financial support and mentoring for new and emerging-growth businesses. Our investors help entrepreneurs before they seek venture capital but after they’ve exhausted money from friends and family. Our members are high net worth individuals or family offices who qualify as accredited investors. Across all four funds, our members place bets with their own capital and provide mentorship to our entrepreneurs in the startup phase of a business. The origin of the term angel investor can be traced to Broadway productions in New York City in the early 1900’s, where such individuals funded large theatrical shows. The concept migrated to Hollywood for movie productions and ultimately to Silicon Valley. The term is now ubiquitous in the entrepreneurial landscape associated with emerging and fast-growing technology firms. By contrast, venture capitalists invest other people’s money in later-stage companies. As Florida-based angel investors, we consider these five most important investment considerations of an early-stage business:
Consider these tips to prepare: •Summarize your situation briefly. What led you to embark on this entrepreneurial journey? •State your idea in the simplest terms possible. Can you do that succinctly in the short time it takes to ride an elevator? Practice your elevator pitch. •Explain how you make money. The more specific you can be about how you generate revenue, manage expenses and create profits, the better. •What are the key benefits of your product or service to customers and investors? Think even more broadly and explain how it makes the world a better place. •Show investors the next steps your business will take with investor money. How many more customers will you get? What new features will you add to your product or service? If you have a promising early-stage Florida company and would like to learn more about Tamiami Angel Funds, visit www.tamiamiangels.com. Tim Cartwright is chairman of Tamiami Angel Funds, general partner of Adrenaline Venture Fund and partner of Fifth Avenue Family Office in Naples. He is also a director of the Florida Venture Forum and chairs the Florida Venture Education Foundation. Southwest Florida angel investors provided seed funding to financial technology firm Rellevate.
NAPLES, Fla., (Nov 08, 2022) — Angel investors from Southwest Florida participated in raising funds for Rellevate, a financial technology company that empowers American workers with digital banking and payment services. Members of Tamiami Angel Fund IV invested $510,000 in Rellevate, part of a larger $4 million capital raise led by Naples Technology Ventures that will help the Connecticut-based company grow. “Rellevate’s technology platform helps working people bypass high-fee payday lenders and check cashers by giving them financial tools at affordable, fair prices,” says Timothy Cartwright, partner of Fifth Avenue Family Office and chairman of Tamiami Angel Funds. “We’re especially impressed by Rellevate’s management which has extensive experience in this area.” For example, Stewart Stockdale, Rellevate’s co-founder, chairman and CEO, is the former CEO of consumer finance company JG Wentworth and the former president of Western Union. After two years in development, Stockdale and a team of seasoned financial-services executives launched Rellevate last year. “It was clear to me that people down in the middle or bottom part of the financial system get abused every which way,” Stockdale explains. In addition to providing a full suite of digital banking services such as deposit accounts, a Visa debit card and bill pay, Rellevate offers access to earned wages between payroll cycles. The pay-any-day service is offered through employers who can use it as a recruitment and retention tool because it helps employees access funds to pay for daily living expenses without resorting to high-fee payday lenders between paychecks. “Financial services should be a good product at a good price,” says Stockdale, who adds that international money transfers will be available soon. Naples-based Tamiami Angel Funds are member-managed funds that allow high-net-worth individuals and families to invest in promising early stage and expansion-stage companies located in the U.S., with a preference to those in the state of Florida. For more information about Tamiami Angel Funds, visit www.tamiamiangels.com. For more information about Rellevate, visit www.rellevate.com. About Tamiami Angel Funds Tamiami Angel Fund I, Tamiami Angel Fund II, Tamiami Angel Fund III and Tamiami Angel Fund IV are member-managed funds that allow high-net-worth individuals and families to invest in promising early stage and expansion-stage companies located in the U.S., with a preference to those in the state of Florida. Fifth Avenue Family Office, the administrator of the angel funds, caters their multi-family office services to high-net-worth entrepreneurs and their families. The funds are members of the Angel Capital Association and the Florida Venture Forum. For more information, visit www.tamiamiangels.com. Southwest Florida angel investors provided financial backing to Wyebot, a technology firm that optimizes wireless network connections.
NAPLES, Fla., (October 20, 2022) — Angel investors from Southwest Florida participated in a successful capital raise for Wyebot, a company that helps optimize wireless networks for performance, reliability and security. Members of Tamiami Angel Fund IV invested $1.26 million in Wyebot, part of a larger $6 million capital raise that will help the company grow sales and invest in research and development. “The Wyebot team has decades of experience growing successful businesses in the wireless-network industry, including the development of 20 patents, giving us great confidence in their business plan,” says Timothy Cartwright, partner of Fifth Avenue Family Office and chairman of Tamiami Angel Funds. Using artificial intelligence and automated monitoring, Wyebot’s software-as-a-service allows managers of large wireless networks to quickly identify performance and reliability issues and fix them immediately. For example, Wyebot helps hospital information-technology departments ensure that doctors and nurses equipped with wireless tablets can quickly access patient records they need for critical care any time of day or night. Wyebot’s Wireless Intelligence Platform can also be used to monitor wireless systems and solve problems in manufacturing plants where remotely controlled robots assemble goods, in distribution centers where workers sort packages using wireless bar-code scanners, on large campuses where students use Wi-Fi heavily, and at big-league sporting events where throngs of fans armed with cell phones post photos and videos to social media at once. “We’ve seen a big shift to cloud computing and network around the world and the challenge is intermittent performance issues,” says Wyebot CEO and co-founder Roger Sands. “These are dynamic problems that come and go and without our software it’s not humanly possible to identify them all.” Sands is keenly aware of the challenges because prior to Wyebot he was business line manager for Hewlett-Packard’s worldwide wireless business, which he grew from sixth to second in market share. An electrical engineer, he joined HP via the acquisition of Colubris Networks, a wireless startup, where he held a number of executive positions including co-CEO and was instrumental in the HP acquisition. Prior to Colubris, he founded the enterprise wireless business at Accton Technology, building it to number three market share via six strategic partnerships. The investment by Tamiami Angel Fund IV and other investors will help Marlborough, Mass.-based Wyebot grow sales and marketing so it can continue to double its business annually and maintain its leadership position. “We’re also investing in research and development because we want to continue to be the leader,” Sands adds. Naples-based Tamiami Angel Funds are member-managed funds that allow high-net-worth individuals and families to invest in promising early stage and expansion-stage companies located in the U.S., with a preference to those in the state of Florida. For more information about Tamiami Angel Funds, visit www.tamiamiangels.com. For more information about Wyebot visit wyebot.com. About Tamiami Angel Funds Tamiami Angel Fund I, Tamiami Angel Fund II, Tamiami Angel Fund III and Tamiami Angel Fund IV are member-managed funds that allow high-net-worth individuals and families to invest in promising early stage and expansion-stage companies located in the U.S., with a preference to those in the state of Florida. Fifth Avenue Family Office, the administrator of the angel funds, caters their multi-family office services to high-net-worth entrepreneurs and their families. The funds are members of the Angel Capital Association and the Florida Venture Forum. For more information, visit www.tamiamiangels.com. Southwest Florida angel investors provided financial backing to ProAxion, a technology firm that helps manufacturers diagnose machines using wireless sensors.
NAPLES, Fla., (Aug. 16, 2022) — Angel investors from Southwest Florida participated in raising funds for ProAxion, a company that monitors machine health using wireless sensors and provides diagnostic tools for manufacturers. Members of Tamiami Angel Fund IV invested $398,000.00 in ProAxion, part of a growth capital raise that will help the company build capacity, develop products and build the sales team. “ProAxion is a leader in developing the industrial Internet of Things for manufacturers and we’re excited to be a part of the transformation of this industry,” says Timothy Cartwright, partner of Fifth Avenue Family Office and chairman of Tamiami Angel Funds. “Their clients already include Fortune 100 companies so they have a promising future.” North Carolina-based ProAxion installs sensors made in America that measure vibrations and temperature on rotating machines in industrial plants. A machine-health dashboard uses the data to alert engineers when a small problem might lead to downtime and provides guidance on how to fix equipment. “We’re an analytics company that uses the industrial Internet of Things to help North American manufacturers get early warning of machine degradation,” explains Eric Murray, ProAxion’s CEO. Less machine downtime translates to lower maintenance costs, reduced repair complexity, fewer fire drills that drain teams, and life extension of equipment, Murray says. Getting ahead of urgent machine repairs buys time and flexibility to better manage parts inventory and share spares between locations, especially critical now with supply chains stretched thin. Murray, a former General Electric executive who was in charge of that company’s equipment management program and instrumentation business, says the investment by Tamiami Angel Fund IV and others will help build the inventory of sensors and boost product development and sales. What’s more, Murray says he is keen to leverage the knowledge of Tamiami Angel Fund members, many of whom have decades of experience in the manufacturing sector. “We have purposefully been very cost-effective to date,” says Murray, who has led three other early stage companies prior to ProAxion. “With a very modest investment we’ve built a complete end-to-end solution and secured contracts with Fortune 100 companies.” Naples-based Tamiami Angel Funds are member-managed funds that allow high-net-worth individuals and families to invest in promising early stage and expansion-stage companies located in the U.S., with a preference to those in the state of Florida. For more information about Tamiami Angel Funds, visit www.tamiamiangels.com. For more information about ProAxion, visit www.proaxion.io. About Tamiami Angel Funds Tamiami Angel Fund I, Tamiami Angel Fund II, Tamiami Angel Fund III and Tamiami Angel Fund IV are member-managed funds that allow high-net-worth individuals and families to invest in promising early stage and expansion-stage companies located in the U.S., with a preference to those in the state of Florida. Fifth Avenue Family Office, the administrator of the angel funds, caters their multi-family office services to high-net-worth entrepreneurs and their families. The funds are members of the Angel Capital Association and the Florida Venture Forum. For more information, visit www.tamiamiangels.com. Southwest Florida angel investors provided additional backing to Irrigreen, whose digital sprinkler system cuts water bills in half.
NAPLES, Fla., (May 9, 2022) — Angel investors from Southwest Florida invested additional funds in Irrigreen, a landscape-irrigation company whose technology cuts water use by 50% by adopting techniques from inkjet printing. Members of Tamiami Angel Fund IV invested $650,000 in Irrigreen, boosting a prior investment of $477,000 by members of Tamiami Angel Fund III in 2020. In total, members of the two funds have invested more than $1.1 million in Irrigreen. “The additional investment by our members in Irrigreen is a vote of confidence in the technological leap that has made the company a national leader in water conservation,” says Timothy Cartwright, partner of Fifth Avenue Family Office and chairman of Tamiami Angel Funds. Like the inkjet printers that Chief Technology Officer Gary Klinefelter invented, Irrigreen’s robotic sprinkler heads jet precise amounts of water onto landscaping, never wasting the precious resource. The technology behind the control system combines real-time weather measurements such as temperature, soil moisture and rainfall with GPS mapping to precisely deliver the right amount of water that plants need on any given day. And because its equipment is so precise, it requires fewer sprinkler heads and 20% less pipe to deliver water efficiently. Irrigreen plans to use the angel-investor funds to build its sales team and invest in research and development for commercial applications such as golf courses and municipal parks. Importantly, members of Tamiami Angel Funds who have deep entrepreneurial experience are providing their knowledge and expertise to help the company grow. “We’ve tapped individuals at Tamiami Angels to help us out with expertise in various areas such as supply chains,” says Shane Dyer, CEO of Edina, Minn.-based Irrigreen. “I’ve been very excited about that.” Demand for Irrigreen’s technology has boomed as residential customers seek out solutions in light of water restrictions and conservation efforts. Irrigreen offers a special web-based tool at www.irrigreen.com for homeowners to estimate the cost of installing a system using a GPS map of their home, making it easy for consumers and contractors to purchase a system online. Naples-based Tamiami Angel Funds are member-managed funds that allow high-net-worth individuals and families to invest in promising early stage and expansion-stage companies located in the U.S., with a preference to those in the state of Florida. For more information about Tamiami Angel Funds, visit www.tamiamiangels.com. For more information about Irrigreen, visit www.irrigreen.com. About Tamiami Angel Funds Tamiami Angel Fund I, Tamiami Angel Fund II, Tamiami Angel Fund III and Tamiami Angel Fund IV are member-managed funds that allow high-net-worth individuals and families to invest in promising early stage and expansion-stage companies located in the U.S., with a preference to those in the state of Florida. Fifth Avenue Family Office, the administrator of the angel funds, caters their multi-family office services to high-net-worth entrepreneurs and their families. The funds are members of the Angel Capital Association and the Florida Venture Forum. For more information, visit www.tamiamiangels.com. Southwest Florida angel investors who were early backers of Aperiomics were rewarded when testing giant Labcorp acquired the company late last year.
NAPLES, Fla., (Jan. 10, 2022) — A health technology firm that can identify every known microorganism in a clinical sample with just one test proved to be a big winner for a group of angel investors from Southwest Florida. On October 29, testing giant Labcorp acquired Aperiomics, rewarding early investors including members of Tamiami Angel Fund IV. Although terms of the deal were not disclosed, members of Naples-based Tamiami Angel Fund IV invested $360,000 in Aperiomics in late 2020. Angel investors including Tamiami Angel Fund IV helped the company obtain matching funds from the National Science Foundation to hire a management team led by CEO Crystal Icenhour and operate a laboratory in Northern Virginia, proving the company’s technology and generating revenues. “Angel funding was key when we spun off the company from its early start in 2014 at George Washington University,” said Dr. Keith Crandall, cofounder of Aperiomics and director of the Computational Biology Institute at The George Washington University. “Thanks to Tamiami’s expertise and resources, our team accelerated our technology with the infrastructure and professional management we needed to grow sales,” said Crandall. “That’s what made us attractive to Labcorp.” Aperiomics was the 30th company in the Tamiami Angel Funds portfolio and it was the first investment for the members of its newest fund, Tamiami Angel Fund IV. “In less than one year, Aperiomics was the quickest investment to return proceeds in any of the Tamiami Angel funds,” noted Timothy Cartwright, partner of Fifth Avenue Family Office and chairman of Tamiami Angel Funds. Naples-based Tamiami Angel Funds are member-managed funds that allow high-net-worth individuals and families to invest in promising early stage and expansion-stage companies located in the U.S., with a preference to those in the state of Florida. “It’s no surprise that Aperiomics is now part of Labcorp because we recognized that the company’s groundbreaking genetic-based technology would revolutionize microbial identification and improve human health,” said Cartwright. Most tests today can only identify a few microbes at a time, incapable of giving the answers that patients and physicians seek. To solve that problem, Aperiomics developed a technology that identifies every known bacterium, virus, fungus and parasite through deep metagenomic sequencing, using its proprietary, world-renowned database containing nearly 40,000 microorganisms. The results from this test help doctors and their patients identify the causes of infections that other tests cannot, streamlining the path to a positive clinical outcome. Headquartered in Burlington, N.C., Labcorp posted $14 billion in revenues in 2020 and has more than 70,000 employees in over 100 countries. Through diagnostics and drug-development capabilities, Labcorp is a leading publicly traded global life sciences company that provides vital information to help doctors, hospitals, pharmaceutical companies, researchers and patients make clear and confident decisions. For more information about Tamiami Angel Funds, visit www.tamiamiangels.com. About Tamiami Angel Funds Tamiami Angel Fund I, Tamiami Angel Fund II, Tamiami Angel Fund III and Tamiami Angel Fund IV are member-managed funds that allow high-net-worth individuals and families to invest in promising early stage and expansion-stage companies located in the U.S., with a preference to those in the state of Florida. Fifth Avenue Family Office, the administrator of the angel funds, caters their multi-family office services to high-net-worth entrepreneurs and their families. The funds are members of the Angel Capital Association and the Florida Venture Forum. For more information, visit www.tamiamiangels.com.
Southwest Florida angel investors committed $300,000 to Galen Data, a medical-device software firm.
NAPLES, Fla. (July 19, 2021) — Angel investors from Southwest Florida invested in Galen Data, a company that has developed software to securely connect medical devices online. Members of Tamiami Angel Fund IV invested $300,000 in Galen Data, the third investment for the members of Tamiami Angel’s newest fund. Galen Data, based in Houston, Tex., provides a turnkey software platform to connect devices to the internet cloud that is compliant with strict privacy laws governing patient information. “The firm’s principals have decades of experience in the medical device industry and a deep understanding of software compliance when it comes to health care privacy, so we are excited to be part of this promising young company,” says Timothy Cartwright, partner of Fifth Avenue Family Office and chairman of Tamiami Angel Funds. In addition to cloud connectivity, Galen provides data analysis that helps health care professionals and their patients visualize and interpret health information using dashboards they can customize. Subsequently, data can be securely exported for further evaluation thanks to encryption and cyber security monitoring that complies with U.S. and European data-protection regulations. Galen recently announced a partnership with a Denver, CO-based company which produces an automated external defibrillator. Galen’s cloud connectivity in the device allows it to automatically alert first responders and send them the patient’s location upon Spinocerebellar ataxia detection. By accelerating the commercialization of this life-saving emergency medical device, Galen is assisting in saving the 12 million Americans at high risk of Spinocerebellar ataxia. “Galen’s medical device cloud platform allows companies to start small and scale as they grow because they can configure their own cloud solutions to match the specific needs of their medical device,” explains Chris DuPont, Galen Data’s CEO. You can read more about the company and schedule a demo at www.galendata.com. Angel investing is an important source of financial support and mentoring for new and emerging-growth businesses such as Galen Data. “We appreciate that the members of the Tamiami Angel Fund have recognized the value we bring to the industry thanks to our software technology,” says DuPont. Angel investors help entrepreneurs before they seek venture capital, but after they’ve exhausted money from friends and family. Such investors typically are wealthy individuals or families who have the means to risk their capital and give freely of their time to mentor entrepreneurs in the startup phase of a business. Headquartered in Naples, Fla., Tamiami Angel Funds consists of four member-managed funds that allow high-net-worth individuals and families to invest in promising early-stage and expansion-stage companies located in the U.S., with a preference for those in the state of Florida. Fifth Avenue Family Office is the administrator of the angel funds and caters to high-net-worth entrepreneurs and their families. For more information, visit www.tamiamiangels.com. IMMOKALEE, FL (June 9, 2021) – Taste of Immokalee is rapidly expanding. With this growth comes the hurdle that many small businesses struggle to overcome: the ability to finance the expansion. As avid supporters of Taste of Immokalee, the Tamiami Angels have made a generous donation of $100,000 to help with this expansion. In 2016, a southwest Florida based group of investors known as Tamiami Angel Fund Investors (“TAFI”) was introduced to Taste of Immokalee (“TOI” or the “Company”). TAFI was impressed by the B-Corp structure and vision of TOI and expressed its desire to help. As a result of TAFI’s efforts, a unique partnership was forged with the Community Foundation of Collier County (“CFCC” or “Foundation”) to launch the Taste of Immokalee Social Investment Fund. Donations to CFCC can be directed to be “invested” in TOI. Through the TOI Social Investment Fund, investors are donating the shares in the company purchased with their charitable gift to the Community Foundation of Collier County. As a TOI shareholder, the Foundation could benefit from the sale of those shares if Taste of Immokalee takes off and the Company is sold. The proceeds from a sale would be reinvested by the CFCC to further local economic development and entrepreneurship, especially those in Immokalee. Taste of Immokalee is set up as a “benefit corporation” or B-Corp, a hybrid between a nonprofit and for-profit company. It seeks profits and pays taxes, but it has a mission for public benefit, which in its case means giving back to Immokalee through donations. Nationally, the numbers prove that the rising popularity of impact investing is not just anecdotal. In 2020, according to the Wharton School of the University of Pennsylvania, the size of the impact investment market grew by an astonishing 42.4% in the last year — from $502 billion to $715 billion in assets under management. Through the leadership of the Tamiami Angels, CFCC, and TOI, local Southwest Florida investors can participate in this popular investment style and make a direct investment through the CFCC. “While the Tamiami Angels impact investment was the first of its kind for Southwest Florida in 2016, the triple win structure of impact investing has caught fire on a national level”, said Timothy J. Cartwright, chairman of the Tamiami Angel Fund Investors. “Today, impact investing is ubiquitous, however, local opportunities can be hard to find and fund. This investment vehicle creates a turnkey approach for local individuals to directly fund and, on a firsthand basis, witness the community impact.” To date, TAFI has raised $115,358.50 and has donated this amount to CFCC for investment in TOI. In addition, TAFI has been active in trying to raise the level of awareness to this type of socially responsible impact investing in our community with TOI being the direct beneficiary. Timothy J. Cartwright, also Chairman of the Taste of Immokalee Board, said “Tamiami Angels are proud to support Taste of Immokalee and their mission of teaching confidence and leadership skills to high school students. Over the years, the students we meet as timid freshmen grow into high achieving and outgoing college-bound seniors. It is a thrill to see the Taste of Immokalee program awaken the entrepreneurial spirit inside of each student as they leverage their God given talents to pursue personal and professional development goals.” Taste of Immokalee has been more successful than we ever dreamed possible, yet we know there is so much more potential to unleash – in both the business and the countless young lives that are being transformed through this program. In 2019, the company brought on a group of exceptional executives to the board with proven success growing enterprises, particularly in areas relevant to guide Taste of Immokalee’s next evolution of growth such as multi-channel retail distribution, geographic expansions, and product innovation. “If we could raise up to half a million dollars, that would take a lot of pressure off by allowing us to purchase inventory and do some real marketing. More money also is needed to involve more students and to pay them for all the hours they work. Some of the students in the program work second jobs because they need money to help support their families and to go to college” said Marie Capita, the TOI Executive Director. “Anytime we can help high school students get real world job training to better prepare them for today’s workforce is always a win/win for both the students and future employers. The Taste of Immokalee program has successfully trained local students on all aspects of managing their own real-time business and created quality consumer products in the meantime.” Interested investors should call 239-262-6300 or visit the “Contact Us” section on www.tamiamiangels.com. About Taste of Immokalee Taste of Immokalee is a benefit corporation founded in 2014 by Immokalee-based One by One Leadership Foundation. What began as a seed of an idea by a group of local high school students has grown into a social enterprise that creates and sells specialty food products representing the unique blend of Immokalee’s culture and rich agriculture. Taste of Immokalee is committed to providing students with hands-on experience in all aspects of business, with a focus on giving back. Profits are returned to the community of Immokalee to benefit youth programs and alleviate hunger and poverty. Learn more at www.TasteofImmokalee.com. About Community Foundation of Collier County The Community Foundation of Collier County, now in its 35th year, is a tax-exempt, public, charitable organization established in 1985 to increase and focus on local private philanthropy. Today, the Community Foundation of Collier County manages more than 750 funds, collaborates with hundreds of nonprofits, holds over $280 million in assets and has distributed over $212 million in grants to nonprofit organizations and community programs. The Community Foundation of Collier County is one of Florida’s fastest-growing community foundations. For good. Forever. Learn more at cfcollier.org or call 239-649-5000. |
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