FilterEasy and Camras Vision are the first local startups to get funding from a freshly closed $4 million Triangle Angel Partners fund two.
The five-year-old angel group held an initial closing of $2.5 million last September, but demand continued, helping the fund attract more than 75 investors (up from 55 in fund one), two thirds of them new to TAP.
Those men and women hope to share in the success of the Raleigh startup with an online subscription service for air filters and the RTP company with a shunt and other medical devices for treating glaucoma. At least eight other companies will join the TAP portfolio over the next several years.
More funding for local startups is always good, but TAP leaders believe it’s telling that they were able to raise the funds without yet having an exit. TAP I includes high-profile local startups like Windsor Circle and WedPics, which have raised $9.3 million and $14.85 million respectively including some Silicon Valley investors. They are joined by Stealz, Adzerk, Testive, Seal Innovation, Entigral and Physcient, all of which have raised series A or subsequent rounds and are generating revenue.
Former TAP executive committee president Jan Davis told me last fall that it took 18 months to raise the first $2 million for fund one and only six months of fundraising to secure the initial $2.5 million in fund two. That’s due to an economy that’s continually improving, she admitted, but also TAP’s solid reputation and process. Of 500 applications to fund one (which totaled $2.8 million), TAP invested in nine companies.
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