The Piedmont Angel Network (PAN) was a series of committed capital angel funds that focus on investment opportunities in early-stage companies that present high growth opportunities. PAN’s three funds invested in 28 companies from 2002 to 2016, with a primary focus on the life science, technology, software, and advanced materials fields. The funds preferred to invest in the Piedmont Triad region of North Carolina, but also made investments across North Carolina, South Carolina, and Virginia.
PAN invested in businesses that were addressing large, painful problems. These businesses do not have to be technology based as long as the problems are sizeable and the markets large. Large markets often mean businesses with a national or international scope with at least $50 to $100 million in annual revenues. The first investment from the fund is between $250,000 and $350,000 with possible add-ons from individual PAN members or other investors. Add-on amounts are added to the PAN fund amount and portfolio companies only need to deal with one investor and one check.
PAN will syndicate with other angels, investment networks or venture firms to raise the remaining balance of the round. PAN will participate in funding rounds as a lead or follow-on investor. PAN investors would like to get their money back in three to five years. More than likely, the company will be sold rather than go through an Initial Public Offering (IPO) which is rare. PAN does not want to get paid dividends or interest, but would like to get back 10-30 times its original investment.
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