Do you only invest in women-led businesses?
No, we invest in men and women-led businesses (our portfolio is about 1/3 female founders which reflects our deal flow)
Do you only invest in a specific sector / Do you only invest in startups based in New York?
We are sector and geography agnostic as you can see from our portfolio. Note that as of Apr 2017, of our 40 portfolio companies:
- 34 are technology startups
- 6 are consumer packaged goods
- 1/3 are B2B, 1/3 are B2C, 1/3 are both
- 70% NYC based (this reflects our deal flow rather than a specific preference)
What do you look for in startups?
- Traction: We will not invest in a company without a proof of concept. Most of the companies we fund have between $50K-500K in revenue.
- Lead Investor: 37 Angels typically does not lead investment rounds as we only invest $50-200K - there is usually a negotiated term sheet.
- Stage: We are seed investors. Usually we invest in companies valued between $3-8M raising between $500K-$2M.
- In person pitch: Our pitches are in NYC. We feel that being in person gives the entrepreneurs the best chance at getting funded.
Is there a sector you won't invest in?
- We tend to stay away from hits based industries: retail brands, games, movies, etc.
- We tend to stay away from extremely high capital cost and long regulatory timeline industries: life sciences, clean energy, etc.
When is your next pitch forum?
We have pitch forums every 2 months. Our next pitch forums are Feb 9, Apr 20, Jun 29 (we take December and August off).
Do you invest as a syndicate?
No - while we coordinate the process (signatures on term sheets, collection of checks), your cap table will reflect individual angels. We typically invest $50-$150K into each startup (usually each investor writes a $25K check).
What happens post investment?
We start by asking you where you need help. We then ask our network of 60+ investors to help with introduction, advice, and deal syndication.
Do you sign non-disclosure agreements (NDAs)?
As a rule, we do not sign NDAs. We receive so many pitch decks and executive summaries each week that if we signed every NDA request, we would quickly be overwhelmed with legal documentation. This is standard process in seed stage investing.