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Local angel groups have hit the jackpot again with an investment, this time with the October acquisition of Pasadena-based Bluebeam in a $100M deal by German software company Nemetschek AG. The Tech Coast Angels and the PasadenaAngels revealed today that their return on Bluebeam was 20x for angels who participated in funding Bluebeam.
Los Angeles-based XCast Labs (www.xcastlabs.com) announced earlier this month that it has raised a $2.7M round of funding from the PasadenaAngels and Frontera Capital for a voice-over-IP service, and we thought we'd talk with Cliff Rees, the firm's CEO, to understand how the firm is different from those many providers.
Let's talk about the recent funding round? Alan Horsager: The funding originally started with a convertible note, through the PasadenaAngels. We then got some additional funding, of essentially high net worth individuals, not insittutional funds.
Worse yet, Angels will no longer be able to “self certify” as accredited investors–we will have to show W2′s or proof of our net worth, and most of us will never be willing to share such personal information. Here is the Angel Capital Association’s take: SEC regs. Your funding depends on it.
Pasadena-based Episona has raised $4M in seed funding, to go towards expansion of its male fertility testing product, Seed, the company said last week. According to Episona, the funding came from the PasadenaAngeles, as well as other high-net worth individuals from Pasadena and San Francisco.
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