Detroit’s first angel group is now launching as a result of a collaborative initiative of Grand Angels and a collective of Detroit investors who in the past have provided capital for local businesses or those affiliated with the expanding city. The new investing group, called Woodward Angels, provides funding for tech and digitally scalable companies at the pre-seed and seed stage of their business.
Grand Angels has a strong presence in Michigan, having invested in the entrepreneurial ecosystem since 2004, using their financial, intellectual, and social capital. Now, they are using their resources to build up Detroit, an evolving technology hub with the potential to remain competitive and foster a successful business environment.
Investors looking to work with Woodward Angels must commit to investing at least $25,000 per year into startups in Detroit, with the benefit of gaining access to the variety companies seeking capital, investment support, and personalized reporting on their portfolios. The management team at Woodward Angels, backed by Grand Angels, plans to work together to manage the startups, each of which will be presented to members through pitch meetings every two months.
“We realized that early stage investment was one of the largest obstacles facing companies looking to scale and succeed in Detroit,” said Lauren Hoffman, Director of Woodward Angels in a press statement. “This group serves to fill in that gap by connecting startups with local capital, and at the same time helping them access mentorship, expertise, and key relationships that come with a strong network of early local investors, many of whom are successful operators of growing businesses themselves.”
