Buffalo Angels on funding expedition

August 23, 2013 Updated Aug 23, 2013 at 3:43 PM EDT

By Dan Miner, Reporter- Business First

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Buffalo Angels on funding expedition

August 23, 2013 Updated Aug 23, 2013 at 3:43 PM EDT

Leaders of the Buffalo Angels will be taking their message to private groups around the region to finish the $2 million fundraiser for the Buffalo Angels LLC Fund.

About $1.3 million has been raised thus far but known angel investors in the region have been exhausted, said David Colligan, chairman of the Angels, a group of accredited investors who are part of the Western New York Venture Association.

The Angels group has grown significantly in recent years - from four in 2007 to more than 20 now - and the fund has been heralded as a way to maximize and diversify the way they support Western New York entrepreneurs.

"We think it's a one-year cycle to fund it, and it takes awhile to get the word out," said Colligan, a local attorney. "There are a lot of people with interest in being angels but don't know how to get involved."

Colligan said he has several presentations at private clubs in the region in the coming weeks.

Those interested can contact Colligan at 716-885-1150 or Jack McGowan, executive director of the fund, at 716-636-3626.

The Angels group has been around for about six years and meets with promising young companies to make decisions about supporting their company.

Membership in the fund requires purchase $25,000 units, and investment decisions will be made by a majority vote by fund members. Colligan said it will ease the burden of research - the Angels current meet as a group but make investment decisions as individuals - since the fund will generate extensive reports about potential investments.

"It's an evolution," Colligan said of gaining support for the endeavor. "We do need to bring in some fresh blood to make this $2 million cut."

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