TEC Edmonton and VA Angels Unite
“Come and take my money,” says one angel investor
by Allison Myggland
TEC Edmonton and VA Angels are combining forces in an effort to better fund technology startups in their earliest stages. The two organizations announced the linkup, to be called TEC Venture Angels, at an event Wednesday in Edmonton.
Chris Lumb, CEO of TEC Edmonton, says that over the last two years the two organizations raised $100 million in seed financing for client companies. But of that $100 million, only 10 per cent was invested in early-stage companies. Lumb says TEC Edmonton and VA Angels realized that if the majority of startup companies fail due to lack of early support, there will be no higher-stage companies to invest in. So, they’re doing something different.
The new company will focus on the development of early-stage tech companies, to make them more attractive to angel investors. TEC Edmonton’s pool of talent is now tasked with screening entrepreneurs and providing viable applicants with business development resources. This will help entrepreneurs make better pitches to the investment pool, which now includes VA Angel Investors.
“Come and take my money,” says John Pinsent, an angel investor at the launch event. “[TEC Venture Angels] will provide you with the support that you need to advance.”