*UPDATE: TCA Hits Two Milestones
An angel investing group with HQ in Irvine today announced that it has invested in its 400th company.
Tech Coast Angels has already experienced several prominent exits so far this year: acquisitions of Parcel Pending (20x), Portfolium (6x), and Salarius Pharmaceuticals (2.6x and now a public company), as well as a liquidity event through a secondary offering of Leaselock (31x).
Membership in the group has hovered around 300 for years, but in the last two years has surged and now exceeds 400.
This expands the breadth and depth of expertise, and, as a result, improves the quality of due diligence and the angel network’s ability to help its portfolio companies after investment with mentoring and relationship capital.
Increased membership also brings more capital to the table and has been a contributor to TCA’s higher funding total.
“Being a part of so many companies’ growth and success showcases how TCA and our members provide so much more than just capital,” Grant Van Cleve, chairman of Tech Coast Angels said in a press release issued today. “We offer knowledge and understanding, along with clout and connections, to help accelerate a company’s move from concept and early-stage into market and real-life solutions. It is such a privilege for TCA to be part of nurturing this entrepreneurial engine of growth over the past 21 years, and it is an honor to reach our 400th funded company milestone.”
The angel network’s landmark investment was made in Grolltex, which developed a sustainable and industrialized method to make graphene, a base electronic material that is desirable for its strength, flexibility and conductive properties.
TCA’s IRR is 23%, slightly higher than the average for other angel groups.
While 103 companies were total write-downs and comprised 57% of the funded deals with outcomes, 79 companies (43%) provided some return to investors: 58 returned at least 100% of the investor’s capital and of those, 20 returned between 5x and 264x.
TCA’s home runs include Mindbody (264x), Green Dot (235x) and Sandpiper Networks (139x).
About Tech Coast Angels:
Tech Coast Angels is one of the largest and most active angel investor networks in the nation, and a leading source of funding for seed-stage and early-stage companies across all innovation industries in Southern California.
TCA members are accredited investors who individually invest in startup companies.
Companies go through well-structured, transparent, and time efficient screening and due diligence. As founders and executive-level business leaders, TCA members provide companies with more than just capital; they also contribute counsel, mentoring and access to an extensive network of investors, customers, strategic partners and management.
Since its founding in 1997, TCA has invested over $234 million in more than 400 companies and has helped attract more than $1.7 billion in additional capital/follow-on rounds, mostly from venture capital firms.