NYC-based ARC Angel Fund has held the final close of its maiden seed vehicle, at $3.5m.
The Angel Fund, which has been backed by 70 angel investors, is actively investing.
Led by founding partners David Freschman, Michael Kelley, Ed Reitler, and Joe Rubin, ARC Angel Fund launched last year to invest in seed and early-stage companies with high growth potential focusing primarily on Software, IT, Internet, Tech-Enabled Services, Business Services, Digital Media, Mobile, Healthcare IT, among others.
Investments average $50,000 to $250,000, each, over their life.
It has since invested in 12 early-stage companies in NYC and the surrounding areas (including, among others, Careerminds, Medivo, UpNext, Sidecar and Human Demand). In ARC Angel Fund, all of its investors have the opportunity to take part in the management of the Fund, screen the opportunities that present, and vote on the investments before they are made.