Press Release from 757 Angels
757 Angels finished 2018 strong with $14M invested in the last 12 months. Since launch, the group has invested $40M resulting in the creation of over 250 high-paying jobs.
According to John Paris, Chairman of the Board, “757 Angels is not merely an investment group, rather it’s the collective effort of its 120 regional members that is improving the region’s economic prospects.”
In fact, Teconomy in consultation with UVA’s Batten Institute did a study of entrepreneurial activity and prepared the heat map presented below to show where all things entrepreneurial are happening in Virginia.
According to the heat map, Hampton Roads is the second most active and considered a hot spot of entrepreneurial activity in the Commonwealth.
757 Angels is a critical component of the entrepreneurial ecosystem, injecting capital and creating resources to support the development of regional entrepreneurs.
With its 120 members, 757 Angels is considered one of the larger angel groups in the country comparable in size to San Francisco’s Sand Hill Angels, Chicago’s Hyde Park Angels, and New York Angels.
757 Angels is not just large—the group is active and engaged. In 2018, 757 Angels invested $14M in compelling companies compared to average angel groups that invest $2M per year.
The vast majority of 757 Angels membership have engaged, demonstrated by 78 members that have combined to write 177 checks to 20 companies.
757 Angels is regarded as one of the most formidable and impactful collections of investment talent in the Commonwealth and its profile is raising the bar nationwide. In the recent profile of Surge Cities, Inc. magazine pointed to “757 Angels as a major player of the percolating ecosystem”.
757 Angels is not only a capital provider, but also a driver of ecosystem development. In 2018 alone, 757 Angels drove the birth of (a) 757 Accelerate, a robust resource dedicated to the creation of investment worthy companies in Hampton Roads, and (b) 757 Seed Fund to invest in and thereby attract companies in earlier stages of development to our area.
In 2018, 757 Angels led a regional ecosystem event dubbed “757 Launch” with over 400 attendees including Senator Warner as well as regional business and community leaders.
757 Angels is working to change the narrative in Hampton Roads. Its leadership has spoken at many events about everything and anything that relates to driving economic growth, creating jobs, attracting new talent and keeping ours here.
757 Angels is committed to creating a regional, interconnected, inclusive, and impactful ecosystem. A McKinsey report found that women are grossly underrepresented as investors, stating that 60% of wealth-holders are women—yet only 10% invest in angel/venture capital.
With its Richmond partners, 757 Angels is co-leading the Women in Venture initiative to encourage more women to engage as investors, mentors, and entrepreneurs.
Women in Venture is planning a mega-region event including women from Hampton Roads and Richmond. The event will be held on February 21st at William & Mary and will be keynoted by Lara Meriken, founder of the top selling energy bar, LaraBar. Registration is open, https://register.eventmobi.com/wivraise/landing.
With leadership from 757 Angels, 757 Accelerate, Startwheel, and strong support from universities and the business community, Hampton Roads is building an innovation economy. Monique Adams, Executive Director of 757 Angels states, “Regional collaboration is driving the momentum and our dreams are becoming reality, just check out the map.”
About 757 Angels
757 Angels was formed in 2015. 757 Angels seeks to catalyze the Hampton Roads economy by supporting investment in the entrepreneurial community. 757 Angels accepts applications from promising Hampton Roads entrepreneurs on its online application site. Applications are reviewed through a standardized process (see 757angelsgroup.com for more information on our process) and our group of 120 members/investors meets 3 times a year to listen to pitches by 2-3 of the most compelling companies selected from that cycle’s application pool.
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