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Boston Harbor Angels

Boston Harbor Angels is a group of proven business leaders interested in investing a portion of their assets in high growth, early stage companies. The group was formed in February 2004 and since then has made a number of investments in companies in medical devices, IT, consumer products, business products, specialty materials, Internet, aviation, etc. They believe they contribute more than money to the companies they fund and welcome the opportunity to work with entrepreneurs open to take advice, yet having the smarts and determination to make the company successful.

Their focus is on early stage companies usually looking to raise $250K to $1.5M, where they can fund a portion of the round and syndicate the deal with other angel groups or early stage venture funds. The stage of the company should be close to commercialization, while the company should have a clear and defensible competitive advantage. They are looking for capital efficient businesses, which can reach profitability with less than $5M of equity investment and provide at least 10X return on the investment within 5 years.

They do not invest as a fund - each of their members makes his or her individual investment decision but they collaborate in Due Diligence. They have a deep expertise in the life sciences field where they usually take the position of a lead investor, but are open to any opportunities that can make a strong business case. In some cases they prefer to be the follow on investor if they cannot identify a person with strong expertise within their group.

The group’s strategy is directed by an executive committee which consists of 8 people elected by the group: Wayne Griffith (chairman), Bill McPhee, Henry Kay, Jay Schwartz (membership director), Steve Andress, Peter Miller, Don Freeman and Mic Williams (president and founder). The group’s day-to-day operations are managed by Boris Batchvarov (managing director).

They receive 20-30 business summaries each month, out of which they select 8 companies to make a personal presentation to their screening committee. The screening committee consists of volunteers from the group. The presentations are 10 min long followed by 10 min Q&A. 4 of the companies are invited to present to the whole group, with the idea to get the people interested and decide to perform a Due Diligence with the companies before making an investment.

Recent Milestones

Investments

Company Date Round Size Participants
Sialix 2/2014Series B$2.46M4
Sialix 2/2014Series B$1.2M6
Avaxia Biologics 6/2013Series B$11.5M10
Newfield Design 5/2012Series A$662k3
Avaxia Biologics 2/2012Series A$4.1M6
Vizibility 8/2011Venture Round$1.3M4
Pixability 2/2011Angel$1M9
Bliss Healthcare 2/2011Series A$500k3
Vizibility 11/2010Seed$1M2
Daktari Diagnostics 10/2009Series A$2.8M6
SmartCells 5/2009Series D$4.1M5
CollegeWikis 10/2008Seed$2M4
XCOR Aerospace 6/2007Angel3

Videos

Sources

  1. SEC D/A (sec.gov) [edit]
  2. Sialix Raises $1.2M (finsmes.com) [edit]
  3. Avaxia Biologics Completes $11.4M Series B Financing (finsmes.com) [edit]
  4. Newfield Design takes in $662K in equity (masshightech.com) [edit]
  5. Avaxia Biologics Completes $4.1M Series A Financing (finsmes.com) [edit]
  6. Vizibility Closes Oversubscribed Round at $1.3 Million (prnewswire.com) [edit]
  7. Pixability draws $1M from nine angel investment groups (masshightech.com) [edit]
  8. Bliss Healthcare Closes Series A Preferred Stock Financing (brownrudnick.com) [edit]
  9. Vizibility Closes $1 Million Seed Round (prnewswire.com) [edit]
  10. Daktari Diagnostics, Inc.: Series A $2.8M (onbiovc.com) [edit]
  11. Citation Needed [add]
  12. CollegeWikis Raises $2M (thealarmclock.com) [edit]
  13. Boston Harbor Angels Invests in XCOR Aerospace (xcor.com) [edit]
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Last Edited 3/11/14

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