TLDR:
- New World Angels has launched a $350,000 Innovation Fund to invest in Florida’s earliest stage startups.
- The average check size for the fund will be around $50,000, focusing on startups that have completed a qualified incubator or accelerator program.
New World Angels (NWA), a major angel group in South Florida, has introduced an Innovation Fund to provide pre-seed financial backing to promising founders and ventures in Florida. This fund, totaling $350,000, allows NWA to invest in early-stage startups, with an average check size of $50,000. The fund aims to partner with startups that have successfully completed a top-tier incubator or accelerator program, reducing the due diligence required by NWA. The Innovation Fund will focus on startups in various verticals, excluding life sciences due to NWA’s preference for more mature businesses in that space.
Sam Guren, a longtime venture capital and private equity executive, is one of the NWA angels leading this initiative. He emphasized the importance of investing in earlier stage companies to broaden NWA’s reach and create opportunities for further investment as these startups grow. The fund plans to make around five to seven investments this year and will seek to collaborate with other groups for collective investments that provide more significant impact.
Jessica Miley, the Managing Director of NWA, expressed excitement about the launch of the Innovation Fund, highlighting its goal to support entrepreneurs in reaching early milestones for their companies or products. While no investments have been made through the fund yet, NWA is optimistic about the potential impact it can have on Florida’s startup ecosystem. The fund’s focus on pre-seed checks and partnerships with accelerators sets it apart in the investment landscape, demonstrating NWA’s commitment to nurturing and supporting early-stage startups in the region.
