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Rochester Angel Network completes funding

The Rochester Angel Network, a group of 75 private individuals seeking to make investments that bolster new companies in the Rochester area, has completed the funding of its new Rochester Angel Fund.

A total of 67 individual RAN members have contributed $2.3 million, which RAN leaders say will enable them to make between eight and 10 investments over the next three years. In fact, the Rochester Angel Fund has already made investments in two Rochester companies, Sweetwater Energy and Intrinsic Materials.

RAF investments will likely average $200,000 per company, “as determined by a vote of its members after a due diligence committee has made a recommendation,” said Jim Senall, RAN managing director and president of High Tech Rochester.

In addition, Rochester Angel Fund members, acting on their own, can choose to invest additional money of their own alongside the “official” RAF investment.

Typically, a RAF investment will go to a new company that is close to or is receiving early-stage revenue.

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