New angel investment group ready to make investments

A newly created angel investment group headquartered in Reno has begun searching for early- and mid-stage companies in which it can invest.

The Reno Angels plan to invest $100,000 to $500,000 into companies with strong management teams that meet its criteria for potential growth in markets of $100 million or more. Companies also must have a polished business plan and presentation.

Applications for funding are accepted only online through the angels' Web site, www.RenoAngels.org. The site, developed by Noble Studios of Carson City, also lists funding criteria and provides resources for entrepreneurs.

At the same time, the Reno Angels are conducting a membership drive for new angel investors, people who typically invest $25,000 to $50,000 each year in high-risk, high-reward businesses. Investors in the group must meet the U.S. Securities and Exchange Commission definition of "accredited investor."

The group's next general membership meeting is today (July 14) at 5:30 p.m. at the office of the law firm Hale Lane, 5441 Kietzke Lane. People planning to attend the meeting should e-mail the Reno Angels at membership@RenoAngels.org.

Gary Foote of Harry's Business Machines in Reno, a founder of the Reno Angels, has been elected as its first chair.

"Unlike our neighbors in California, Nevada has a very limited number of angel and venture capital funding sources," Foote said. "Nevada's future economic growth, vitality and diversity depends on entrepreneurs. In turn, these entrepreneurs need access to risk capital that angel groups are uniquely qualified to provide."

Other officers include Peter Meniccui, vice chair; Dave Archer of Nevada's Center for Entrepreneurship and Technology, treasurer and co-founder; Mike Hurley of Fusion Funds, secretary and co-founder; and Jack Schwartz, board member.

Archer said the new angels group got help from two existing organizations in the state the Sierra Angels of Incline Village and the Vegas Valley Angels in southern Nevada.

"We look forward to cooperation among the groups, such as syndicating deals," he said.

A logo for the Reno Angels was developed by Noble Studios. NNBW staff