| Angel Investor Group Profile |
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Considered as one of the biggest angel groups in the Greater Philadelphia Region, Mid-Atlantic Angel Group Fund I, LP (MAG) is a member-managed investment organization that aims to provide seed capital to technology-based start-up companies in Southern and Central New Jersey, Delaware, and Southeastern Pennsylvania. MAG was formed to link angel investment groups and venture capitalist firms in the area to finance early-stage companies with great market potential and sustainable business growth. The private equity fund comes from MAG's various funding resources, both private and public, which are expected to gain a huge return of investment and wide revenue margins. In addition, the group aims to leverage this fund to provide business opportunities not only to start-ups but also to risk-tolerant investors.
MAG is comprised of influential institutions, former executives, private investors, experienced entrepreneurs, and business leaders who are willing to take risks in regional technology-based companies. Members include LORE Associates investors, the Science Center, Delaware Innovation Fund and quite recently, Ben Franklin Technology Development Authority. Aside from selecting the most auspicious start-ups in business, MAG highly values its members as they are the primary movers of business progress in Greater Philadelphia. MAG members, who are accredited investors based on SEC standards, actively participate in the due diligence process of prospective companies as well as being directly involved in quality start-ups. They share MAG's syndicate firms and wide network of connections with various investment groups and business organizations. Furthermore, MAG investors are responsible in screening potential start-ups and guiding them in terms of decision-making and corporate management.
Start-up companies interested in MAG funding are requested to visit the group's website and download the MAG Fund Application Form. Submission of related documents such as executive summary, business plan, financial reviews, and PowerPoint presentation are also required. There is an application fee of $300 prior to an assessment conducted by the MAG Screening Committee. In addition, the review usually runs within a two to four-week period and shortlisted entrepreneurs are contacted to present to the group in its monthly meeting.
The first recipient of the MAG Fund is Protez Pharmaceuticals in Malvern, Philadelphia whose seed investment is worth $250,000. The deal was closed in July 2005 and since then, MAG continues to review business plans from potential companies to add to its portfolio.
To add, a memorandum of understanding (MOU) was signed by the Ben Franklin Investment Partners (BFIP) in March 2006. It was presented by MAG to allow the members of the group to gain investment opportunities from angel investment groups within BFIP's umbrella as well as access to its private facility. The agreement likewise includes active collaboration in due diligence procedures in both companies.
Mid-Atlantic Angel Group Fund I, LP Website
The Mid-Atlantic Angel Group Fund I, LP (MAG) oversees a website with competence and efficiency. The site contains a sufficient rundown of articles regarding MAG's objectives, investment criteria, start-up requirements, membership benefits, and focus industries. For early-stage entrepreneurs who are seeking seed investment, the application form is available through download in Microsoft Word format. Further requirements such as executive summary, business plan, additional materials, and $300 application fee are likewise clearly stated. On the other hand, accredited investors who are interested in being a member of the group are provided with a well-defined set of guidelines and responsibilities to the organization. The site also links to the "Members Only" page where MAG investors gain access to proprietary information and documents with regard to the group's investment status. In case web browsers are interested to send suggestions or inquiries about anything related to MAG funding, phone numbers and email address are provided in the site as well.
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