SunDown Fund for lifestyle businesses joins Angel Capital Association
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- Evan Weese
- Staff reporter- Columbus Business First
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The investment fund for lifestyle businesses being raised by SunDown RunDown Group has joined the national Angel Capital Association in what founder Paul Proffitt calls a stamp of approval for the idea.
SunDown Fund, in the process of raising $1.2 million from investors, gains exposure to a group of 12,000 individual investors and 220 angel groups for networking and potential syndication partners, Proffitt said.
"Getting into the ACA is just something that further validates our position in the market and what we're trying to do," he told me.
Proffitt said it's unusual for a fund to be focused on Main Street businesses, as opposed to technology startups. And the angel groups comprised of wealthy individual investors are key to filling a void between informal investors - family and friends - and professional venture capital, a niche lifestyle businesses could tap, Proffitt said.
Joining the group required completing an application and review process, he said, and paying annual dues of about $750.
The Angel Capital Association came to Columbus in September for its annual workshop and Proffitt was introduced to Executive Director Marianne Hudson.
SundDown Fund I will be managed by nonprofit SunDown RunDown and invest small amounts - tens of thousands of dollars - in early-stage businesses. Proffitt started soliciting investors last month with plans to close a $1.2 million round by the second quarter.
Evan Weese covers funding and capital for Columbus Business First.
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