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71/70 Angels Closes Initial Fund to Empower Startups

In a significant development for the Midwest startup ecosystem, 71/70 Angels has officially closed its first fund, designed to pave the way for early-stage companies in enterprise software and advanced technology sectors. Launched out of Columbus, Ohio, this angel fund has swiftly assembled a dynamic network of nearly 50 angel investors, encompassing both seasoned veterans and newcomers eager to make their mark in early-stage investing.

The core mission of 71/70 Angels is to address crucial funding gaps that often plague startups in the Midwest. By integrating a founder-first approach, the fund is geared towards fostering high-growth potential enterprises, offering not only capital but also invaluable mentorship and industry connections. According to Melinda Gloriosa, Managing Director at 71/70 Angels, the fund’s establishment is built on Midwest values and grit, coupled with a streamlined investment process tailored for founders.

Immediate Impact with Early Investments

Just three months since the fund's closure, 71/70 Angels has already made two strategic investments in promising startups: Nichefire, an Ohio-based company that leverages AI for marketing intelligence, and an innovator in next-generation data privacy technologies. These early investments underscore the fund's commitment to nurturing local talent and advancing innovative solutions that can profoundly impact their respective industries.

The decision to launch 71/70 Angels comes at a time when angel investing is on the rise, with data from the Angel Investment Network indicating that 40% of angels plan to increase their funding activities this year. Notably, startups securing backing from angel investors witness a 58% higher survival rate over five years compared to those without such support. This growing investor enthusiasm positions 71/70 Angels to play a transformative role in the region's economic landscape.

Strengthening the Ohio Innovation Economy

The importance of cultivating a robust innovation economy in Ohio cannot be overstated. As stated by Laura MacDonald, a prominent investor within the fund, angel investing serves as a powerful means to empower diverse entrepreneurs, offering them the resources necessary to thrive. 71/70 Angels is already igniting enthusiasm within the Central Ohio angel community, setting the stage for significant impacts on startups both locally and across the nation.

Michael Error, another investor, emphasizes that this initiative not only aims to nurture a culture of entrepreneurship but also provides angel investors with direct avenues to contribute to the growth of transformative tech companies. This synergy is expected to yield widespread benefits, including job creation and enhanced economic dynamism.

The Future of 71/70 Angels

As 71/70 Angels continues to back seed and early-stage companies, the fund's unique structure—powered by a dedicated network of individual angel investors and Rev1 Ventures' extensive investment experience—allows for an efficient funding process. The objective is clear: to fast-track growth opportunities for entrepreneurs while ensuring favorable outcomes for investors.

In conclusion, the closing of 71/70 Angels Fund I marks a promising milestone in fostering startup success, with aspirations to lead the charge towards innovation and economic momentum in the Midwest. To learn more about 71/70 Angels and its mission, please visit www.7170angels.com.