The Pasadena Angels (PA) today announced the first investment from their PA Fund 1 (The Fund). The Fund invested an additional $75K in Nevados Engineering, a clean tech company whose solar single-axis-tracker enables ground-based installation on virtually any terrain; improving on solar project economics. The Pasadena Angels have previously invested $240K in Nevados, this additional funding from The Fund will allow Nevados to fully execute on their grant funding from the U.S. Department of Energy’s SunShot Initiative. Nevados is also a Los Angeles Cleantech Incubator (LACI) company, one of four LACI companies that the Pasadena Angels have invested in.
The Fund was formed in May of this year with a total investment of $1.3 million; for the purpose of co-investing exclusively in deals that are subscribed by Pasadena Angels members. “We are pleased to be an additional source of follow on funding for our portfolio companies. It speaks to our commitment of not only providing a wealth of human capital but also strong financial support to promising start-ups” A statement from Pasadena Angels PA Fund1 chairs, Anthony Valencia & Terry Kay
The Pasadena Angels’ 100 plus members invest individually and directly, without any legal pooling of financial resources. The Fund will give PA members the opportunity to invest as a group and increase their portfolio diversification. The Fund expects to make investments of $50,000 – $100,000 per company across emerging companies being funded by the Pasadena Angels. The PA Fund 1 operations are managed by Pasadena Angels members Terry Kay and Anthony Valencia.
About the Pasadena Angels
The Pasadena Angels was founded in 2000 and is one of the longest running angel groups in Southern California. Members have invested over $65 million in over 175 companies. Pasadena Angels funded companies have gone on to raise over $500 million from additional funding sources such as venture capital and private equity. Recent notable exits for the Pasadena Angels are Mind Body Software (NASDAQ:MB) and Bluebeam Software. In 2015, the group invested a total of $5M in 27 companies. The Pasadena Angels was ranked one of the top ten angel investing groups in the country according to Forbes Magazine (2015). A nonprofit entity, the Pasadena Angels offers early stage start-ups capital investments; as well as mentoring from the expertise of more than 100 investor members with over 4,000 years of combined business expertise. http://pasadenaangels.com/