The Upstate Carolina Angel Network (UCAN) announced the launch of the Palmetto Angel Fund, a committed capital fund that will co-invest with current UCAN angel investors and other new angel groups being launched in other parts of the state. The fund is designed to allow passive investors to benefit from the expertise of the local angels while gaining access to a diversified portfolio of promising early-stage companies. The fund is also an important part of the strategy for the long-term sustainability of UCAN itself, said UCAN managing director Matt Dunbar in the announcement.
Dunbar said the new fund is intended to address the issue that “even with an average new investment of $220,000 from UCAN, most companies still struggle to raise the additional $100,000-$500,000 needed to fully fund a robust investment round that can provide 12-18 months of runway to execute their business, rather than spending all their time raising money.”
UCAN has invested nearly $10 million in 33 companies since its inception five years ago, including 20 companies, 300 jobs and nearly $8 million in South Carolina.
