The South Carolina Angel Network (SCAN) recently established the Palmetto Angel Fund, which is the first early-stage capital fund of its kind in the state. The fund also made its first two investments, in Greenville-based zero-emission vehicle designer and manufacturer Proterra, and in OBMedical, a Gainesville, Fla.-based company that is creating a new generation of fetal and maternal monitoring devices.
The Palmetto Angel Fund allows for individuals and institutions to participate in a committed capital fund, which co-invests in the startup companies funded by SCAN angel groups, including the Upstate Carolina Angel Network and the Tiger Angel Network.
The fund is open to anyone who meets the accreditation standards established by federal regulators, which is that the individual’s net worth is either $1 million excluding the primary residence or that he or she has had $200,000 in income over the last three years.
The fund will remain open to new investors until this fall.
For more information, visit scangelnetwork.com.