Cherrystone Angel Group forms in Providence
Only angel organization in RI focuses on early-stage funding
Full Story: State gets first angel investor organization Source: Providence Business News, January 26th, 2004 Added on June 29th, 2007 at 4:47 pm, by Judy He
According to Garrett Hunter, Cherrystone’s secretary treasurer and president of Business Development Company of Rhode Island, the group plans to invest in at least two companies in 2004 with about $1 million in capital. The group generally expects to invest between $100,000 and $500,000 in each portfolio company. Hunter added that the group has the financial capability to back more than just two outfits should the opportunity present itself.
[Cherrystone is comprised of about 30 individual investors who]...fit Federal Trade Commission guidelines for angel investors in that each has $1 million in assets and $200,000 annual income a year. A married couple must have income of $300,000 and $1 million in assets in order to join.
Cherrystone will be accepting applications from a wide variety of industries, which is a little different from the standard angel group. Usually angel investors get the most out of an investment in the technology sector, a high-risk industry with the potential for a lucrative return on investment.
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