Brookfield-based Golden Angels Investors LLC has raised a $1 million round and plans to deploy it into five to eight financial technology startup companies.
The fund was raised last month and includes 25 to 50 investors, said Tim Keane, director at Golden Angels.
“We’re very interested in fintech,” Keane said. “We wanted to take a look at an assortment of companies across a variety of subsegments and a variety of stages of life and a variety of places, so we reached out to 4,000 companies inviting them to apply.”
The investor group received about 200 applications and narrowed the finalists to 11 startups. They are: Milwaukee-based Shift Savings Inc., Green Bay-based Upper Room Technology, Chicago-based Kin Insurance, San Francisco-based Omega Point, Salt Lake City-based North Capital, Philadelphia-based Loan Star Technologies, New York City-based Harvest Exchange, Richmond, Virginia-based AdvisorBid, Oakland-based CNote, Princeton, New Jersey-based Extraordinary Re and Knoxville, Tennessee-based Smart RIA.
Golden Angels held a fintech pitch event for those 11 firms on Nov. 2 to choose which companies would receive the final investments. It was a new investment model for the group.
“The fund is just for this event for these companies,” Keane said. “It’s a new idea for us. It allows us to walk into a space, look at everything that’s there, incorporate the smarts of all the partners around us and then move forward with an investment.”
Golden Angels expects to make its decisions and begin funding the chosen startups next month.
