Monday, December 11, 2006
Tech Coast Angels Starts Seed Program, Makes Investment
The Tech Coast Angels, the largest Southern California angel investment group, is announcing today that the group is starting a new, funding program specifically targeted at early stage San Diego companies. The TCA San Diego group said that it has created a new Seed program for qualified technology and biomedical companies, with proven technologies who need senior management and seed capital. The first company to receive funding through the seed program is eefoof.com, which recently raised $225,000 from the group. Eefoof is an online video sharing site that competes against YouTube. The new program is looking to target companies run by entrepreneurs without a proven track record, but who would typically not be able to qualify for a traditional angel or VC funding round. A key element of the investment will be a lead TCA investor who will play an active role on the company's senior management team, to assist the entrepreneur in shaping the company, helping to complete product development, set up marketing and sales plans, and prep the company for its next funding.