Baltimore Angels members invested in Reify Health in February. Reify (www.reifyhealth.com) is an expert-sourcing mobile health company based in Baltimore, Maryland.
For the Baltimore Angels, 2012 was an exciting year of growth and development as we sought to expand our footprint in the local community, increase our deal flow, and implement new planning measures and strategies in order to better serve the local start-up community. The following post is an overview of how we grew and what we accomplished in 2012, and what our plans are looking forward to 2013.
A New Plan for 2012
After running the Baltimore Angels Group for three years, Dave Troy decided to focus entirely on his current venture, 410 Labs. Greg Cangialosi of Betamore took over managing member duties in November 2011. In December 2011, the Baltimore Angels held a meeting to discuss how they could better serve the needs of the local start-up community, while also increasing the efficiency of the group’s operations.
The Plan in Action
Beginning in January 2012, we started to implement the December 2011 plan. We are happy to report that from January 2012 to December 2012 the group was more active, investing in more deals than in any other year of the group’s existence. In the previous three years combined, the Baltimore Angels had invested in six deals. From January 2012 to November 2012, we invested in eight deals and deployed more than $850,000 in capital. We also formed an LLC during this period in order to better manage the group’s activities.
In early 2012, we added a membership fee, allowing the group to hire administrative support and create a website. We also created a regular monthly meeting schedule for 2012. Many of these meetings were sponsored by the greater Baltimore community including local universities and law firms. The investment process was also more carefully structured. Members of the Baltimore Angels formed a pre-screening committee to review companies and select presenters at the monthly meetings. Over the course of 2012, twenty-seven companies made investment pitches at the group’s monthly meetings. In addition, in 2012 we secured assistance from TEDCO with due diligence and closing services, and the Miles & Stockbridge law firm provided pro bono legal services for many of the deals in which we invested.
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