May 28, 2014 | Technically Philly by Juliana Reyes
With nearly 30 members, the Philadelphia chapter of Investors’ Circle, a national angel group that invests in social entrepreneurs, is the biggest chapter in the country.
The local chapter started in 2009 and was the first of its kind, said IC-Philadelphia president John Moore. Investors’ Circle was traditionally a group of angel investors spread throughout the country. They’d meet twice a year on each coast for two days of startup presentations. Now, cities like New York, Raleigh and San Francisco are following Philadelphia’s lead and building up local chapters of their own.
“This is one way that Philly is teaching the rest of the venture world,” said Moore of the group, which meets monthly to hear pitches from local companies.
IC-Philadelphia has invested $3 million in 10 companies since its launch,including sustainable laundry service Wash Cycle Laundry, sponsored advertising startup ElectNext (now Versa) and women’s financial literacy siteDailyWorth. Those companies have gone on to raise $22 million, Moore said. The group only considers companies in a two-hour train ride radius (that would put D.C. in, but Boston out).
Why create a group that focuses on investing locally?