Launch Angels, a Boston, Massachusetts-based investment platform focused on equity crowdfunding deals, closed its first venture fund.
Investors in the Where Angels Fund (WAF) are associates from Where, Inc., which was acquired by PayPal in 2011. Sarah Hodkinson, Director of Marketing & Sales Strategy, PayPal Media Network, is one WAF participant.
The fund, closing at nearly $1m, will focus on early-stage mobile and consumer Internet companies. It will make up to a dozen investment over the next 12-18 months. They will be augmented by Launch Angels’ equity crowdfunding opportunities.
Launch Angels CEO Shereen Shermak will head the WAF Investment Committee.
Led by Shermak and Michael Collins, Co-founder and Lead Manager, Launch Angels pools money from accredited individuals to create venture funds that are invested across 8-12 equity crowdfunding deals.