49th State Angel Fund Announces $2.1 Million in Financing
March 8, 2013 – Anchorage, AK – The Municipality of Anchorage’s 49th State Angel Fund (49SAF) has announced its first investments. 49SAF is a $2 million partner in the Anchorage Opportunity Fund, which will invest in later-stage companies seeking expansion capital and benefit Anchorage economically. Additionally, 49SAF invested $90,000 in Fractal Medical LLC’s “Call Dr.,” a mobile medical app which allows physicians the ability to consult by Smartphone video.
The Anchorage Opportunity Fund is a $4 million fund. Other investors in the Anchorage Opportunity Fund include Bristol Bay Native Corporation, Cook Inlet Tribal Council, and local businessmen Eric McCallum, Leonard Hyde, Mark Kroloff and Jonathan Rubini. Kroloff and Rubini are the fund’s managing members, and have formed an advisory committee to help them decision investments: Members include early-stage investors John Wanamaker, Eric McCallum and Sky Carver; Wells Fargo Vice President of Community Development Judith Crotty; and executives Pita Benz (of Cook Inlet Tribal Council) and Jeffrey Sinz (of Bristol Bay Native Corporation).
49SAF’s $90,000 seed investment in CallDr was matched by another $90,000 of private investment. The company was founded by Anchorage physicians Carl Rosen, Mike Levy as well as CEO and technology entrepreneur Kevin Halvorson. 49SAF’s financing was provided via a two-year loan at 8% interest, with options to convert into ownership. 49SAF may elect to either extend these loans or participate in follow-on financing of Call Dr. at its discretion.
49SAF is currently open to applicants until April 30 for its second investment round. Two kinds of applications may be submitted: Those from high-growth businesses seeking financing, and funds which submit proposals to make equity investments into Anchorage companies. The 49th State Angel Fund makes investments, not grants—returns on any investment are expected—and any financing provided by 49SAF needs to be matched dollar-for-dollar by the private sector. Potential applicants to the fund are encouraged to contact Program Manager Joe Morrison at email@example.com before applying. Parties considering applying are encouraged to do so this round, as the April 30 deadline may represent the final opportunity to receive investment.
Driven by a $13.2 million federal allocation from United States Treasury under the State Small Business Credit Initiative and the Small Business Jobs Act of 2010, The Municipality of Anchorage’s 49th State Angel Fund aims to finish its investment activity by early 2014. More information and applications are available online at www.49saf.com.