Angel networks target financing gap.
The Minnesota Investment Network Corp. is establishing up to 10
Regional Angel Investment Networks (RAINs) to serve Minnesota
entrepreneurs located outside the Minneapolis/St. Paul metropolitan
area. The networks of accredited angel investors will have
capitalizations ranging from $500,000 to $1 million. Currently the
Lake Venture group in Northwest Minnesota is the only RAIN
operating; the other nine are expected to be up and running within
the next two years.
The networks will invest in three kinds of companies:
early-stage ventures needing seed money, start-ups with some sales,
and small or midsized companies that have $5 million to $25 million
in sales and need capital for expansion, a turnaround or an
ownership change. All firms must either be located entirely in a
rural area or have a strong presence (such as a manufacturing
plant) there.
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Individual RAINs are expected to invest $50,000 to $100,000 per
company. Once all the networks are up and running, though,
organizers anticipate some may join forces to make investments in
the $250,000 to $1 million range.
For more information on RAINs, call (612)672-3474.
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