TiE Tampa Angel Forum partners with Florida Funders in effort to improve deal flow
TiE Tampa Angel Forum has announced a formal partnership with Florida Funders in a move that will help TiE streamline its investment process.
“Florida Funders brings resources which offer TiE Angels improved access to deal flow, systematic due diligence, and consistent portfolio monitoring,” Irv Cohen, chair of TiE Tampa Angel Forum said in a release. Cohen also is a managing member of Florida Funders.
Florida Funders was the first company in the Sunshine State designed to connect accredited investors with startups seeking capital via an online platform. It is that online platform that attracted TiE Tampa Angel Forum.
“The partnership gives us a stronger, more efficient and ultimately more effective means to accomplish our investment goals,” Ashok Kartham, president of TiE Tampa Bay said in the release.
TiE is mostly made up of investors that have full time jobs that prevent them from being able to spend the kind of time needed to investigate potential investments, Florida Funders CEO David Chitester said on Tuesday.
“We have the time and the experience to find the companies and do the leg work,” he said.
The two groups have been working on an agreement since October. The deal did not involve a financial transaction, but Florida Funders will share profits from the investments that work, Chitester said.
The fist pitch event under the new agreement is Thursday, Feb. 26. Florida Funders has two Tampa Bay companies lined up to pitch to the TiE Angel Forum.
TiE Tampa Angel Forum is an early stage and growth phase investment group launched by entrepreneurs to provide Florida entrepreneurs and startups with seed capital, mentoring and support, according to marketing materials. Florida Funders is an online venture capital company based in Tampa and led by David and Kathleen Chitester.