For all the years I’ve been angel investing and talking about it (see Speaking Gigs), I’ve been saying that as an angel, I don’t have to have a “thesis.” My portfolio reflects this lack of focus, as one can easily see.
For the past several years I have been concentrating my efforts on Revenue-Based Financing (RBF). After much investigation I came to the conclusion that investing through RBF was not something that could easily be done (yet?) through an investment “club” where individuals each bought into a deal as individuals. There’s just too much accounting overhead to make that a feasible path. I still believe in RBF and I think that it is far more beneficial to society than the classic angel/VC model. I’ll write another post on my thoughts there another time. In the meantime, however, I invested as a limited partner in the RevUp 2022 fund, which does revenue-based financing.
But societal inequities and the issues surrounding social media have led me to move away from my “as an angel, I don’t have to have a thesis” position. Instead I’d like my investments in both time and money to have the potential to do some social good. This is actually quite a low bar, as I feel that it can range from investing in life science companies that advance healthcare and “green” deals that help improve the environment, to companies whose founders come from diverse backgrounds. It used to be sufficient for me to believe that my investment dollars were being used to create jobs (still true), but now I want a bit more.
So 2021 and 2022 so far have been busy years for me in angel investing and related activities.
I’ve made investments in healthcare / life sciences companies: AOA (ovarian cancer diagnostic), Octagon Therapeutics (autoimmune disease medicine), Hilltop Biosciences (veterinary regenerative therapy), Scopio (digital cell morphology), Phiex (medical device sterilization technology), BioFeyn (nutrient and drug delivery technology for aquaculture), and Imago Rehab (robotics-assisted tele-therapy for stroke survivors).
In addtion, I’ve made investments in “green tech” companies: CleanFiber (turning corrugated cardboard into insulation), evTS (electric service vehicles), and Magnomer (magnetic inck to improve plastic recycling).
Four of these companies have female CEOs.
I have “spent” a lot of money over the past year, but I feel that I am making good on my promise to be a “small investor with a big mouth.” I work hard to promote the companies I invest in as well as those I work with as a mentor or informal advisor.
In the interest of improving the “inclusivity” of the angel investment scene I participated in a panel at the Angel Capital Association’s annual summit. The title of the panel was “Making Investing Inclusive” and I joined three women of color to talk about ways we, as angels, can do better. The session, though unfortunately too lightly attended, was enlightening to me, as it helped me see the issues from “the other side” and gave me a ton to think about. At the end of the day, we “allies” have to keep our minds open, keep learning how to improve, and keep investing in diverse entrepreneurs.
