49th State Angel Fund reopens for investment fund applications
Anchorage, AK— The 49th State Angel Fund (“49SAF”) is seeking proposals for locally-focused investment funds in 2018. 49SAF is poised to invest $1.5 million in new projects this year. Of particular interest are “seed capital” and “microfinance” or “inclusive entrepreneurship” fund proposals.
“Alaskans have always been innovative,” said Mayor Ethan Berkowitz. “Local entrepreneurs and startups bring new jobs and diversification to our economy, as well as vitality to our community.”
Informational sessions about this year’s application process will take place at 12 p.m. on Jan. 25 and at 12 p.m. on Feb. 16 in the Mayor’s Conference Room, Suite 830, City Hall. Individuals and institutions interested in applying are encouraged to visit 49saf.com to download the pre-application. Final application materials—a one-page executive summary, presentation deck and term sheet—are due April 1. Selected finalists will present their investment fund concepts in person to the 49SAF Advisory Committee on May 17.
One of the only municipally-managed venture capital functions in the nation, the $12.7 million 49SAF was established in 2012 by the Municipality of Anchorage. It has created four locally-managed “Partner Funds” that invest 49SAF dollars into companies alongside private capital. To date, the 49SAF has deployed $4.9 million into 17 different small businesses. For every dollar the 49SAF invests, the private sector invests two on average.
For more information about 49SAF, visit 49saf.com, or contact Joe Morrison at email@example.com