Despite the challenges of the pandemic, 757 Angels, an organization that helps its investor members find investment opportunities that can lead to job growth in Hampton Roads, has been recognized as a Top 10 Angel Group in North America by the Angel Capital Association’s Angel Funders Report for the second year in a row. Maintaining resilience amidst the pandemic, 757 Angels successfully adapted to the new norm by shifting to online transactions and secured $12.4 million in investment in 2020. Along with providing strategic advice and mentoring to startups, 757 Angels also focuses on diversifying its investor base. Since its inception six years ago, the 757 Angels Top 10 Angel Group has invested over $74 million into 33 Virginia-based companies, thus significantly contributing to the local economy.
757 Angels Recognized as Top 10 Angel Group
NORFOLK — Despite the struggles the pandemic has cast upon the economy, it’s good to know that angels are still among us. 757 Angels, which helps its investor members find investment opportunities that can lead to job growth in Hampton Roads, has been recognized for the second straight year as a Top 10 Angel Group in North America by the Angel Capital Association’s Angel Funders Report.
Resilience Amidst Challenges
Monique Adams, 757 Angels executive director, said in an email that it’s important for entrepreneurs to understand that capital is still flowing in Hampton Roads. “Despite a raging pandemic, growing tensions for social justice, political and economic uncertainty, 757 Angels demonstrated resilience in 2020,” Adams said in a news release. “We had to quickly adapt and report an expanded investor base, strong investment activity, and continued focus on diversity and inclusion.”
Adapting to the Pandemic
Angel and seed investments appeared to be in the most jeopardy when transactions moved to teleconferencing in reaction to the coronavirus pandemic, according to PitchBook Data. However, 757 Angels were one of the first groups to pivot online, securing $12.4 million in investment last year. The funding went to five new companies and six follow-on rounds for current companies.
Strategic Advice and Mentoring
The group also provides strategic advice and mentoring to select startup and early-stage companies in the region. Nearly all of its investors remained onboard throughout the tumultuous year and it has expanded its membership to 130.
Focus on Diversity
Nancy Grden, 757 Angels chair, said in the release: “In addition to deal flow, 757 Angels looks to continue to diversify its investor base, ensuring that wide-ranging perspectives are represented in the group.”
Positive Impact on Virginia-Based Companies
Since its founding six years ago, the group has brought more than $74 million into 33 Virginia-based companies — mostly based in Hampton Roads. While angel and seed-stage investments nationwide showed little growth from 2019 to 2020, Adams stressed the value of 757 Angels’ operations and investments as an economic engine.
Contact Information
Sandra J. Pennecke, 757-652-5836, sandra.pennecke@insidebiz.com
Question & Answer
1. How has 757 Angels been recognized in recent years?
757 Angels has been recognized as a Top 10 Angel Group in North America by the Angel Capital Association’s Angel Funders Report for the second year in a row.
2. How did 757 Angels adapt to the challenges posed by the pandemic?
757 Angels successfully shifted to online transactions and secured $12.4 million in investment in 2020 amidst the pandemic.
3. What additional services does 757 Angels provide besides funding?
757 Angels also provides strategic advice and mentoring to startups and early-stage companies in the region.
4. How has 757 Angels contributed to the local economy?
Since its inception six years ago, 757 Angels has invested over $74 million into 33 Virginia-based companies, significantly contributing to the local economy.
