Minnesota likes women entrepreneurs, and here’s more proof. The Sofia Fund, led by a team of five women angel investors, has announced the closing of its Fund II at a higher than expected $5.5 million. The team will invest the fund in “early stage, growth oriented, gender diverse entrepreneurial companies that have women leaders on the management team and who own equity in the business.” (We wrote about the fund in April soon after it announced its first investment from the new fund.)
The Sofia team members, pictured below, are experienced executives and entrepreneurs who have been angel investing for many years. (To read their bios, click on “Our Team” at the Sofia Fund web site.)
Here’s the press release:
Sofia Angel II Fund Surpasses Investor Goals, Raising $5.5 M
Today marks a significant achievement in bringing new monies into early-stage companies. The Sofia Fund, which invests in women-led growth companies and is led by a group of experienced investors, has tapped into an investor community passionate about Sofia’s mission. Investors have responded positively and voted with their dollars to be a part of the fund. Sofia Fund II is now closed to investors, oversubscribed, with a total of $5.5M.
“Angel investing is usually a long-term commitment with an opportunity to positively impact an early-stage company’s growth. We are pleased to see the Sofia Fund launched in support of Minnesota and the region’s innovative women entrepreneurs and the growth and jobs they bring to our economy. Having an experienced fund management team that is serving a segment we are passionate about and stimulating innovation, led us to invest in the Sofia Fund”, said Ed and Val Spencer, long time early stage investors in their community.
The fund’s management team includes Cathy Connett, Lisa Crump, Joy Lindsay, Barb Stinnett, and Dee Thibodeau. All have been angel investors for decades, and are completely committed in unique and individual ways in the early-stage company market space: as board members, mentors, connectors, leaders, and investors throughout the U.S.
Brigid Bonner, VP of Customer Experience and Marketing at CaringBridge commented, “Great ideas come from everywhere and the world has not fully benefited from innovation stemming from women-based businesses. The Sofia Fund is a leader in changing that. I believe this is a unique investment opportunity and an excellent way to experience angel investing.”
Sofia has already made its first investment in April 2015 in a women-led firm based in Minneapolis, Kidizen, which has experienced explosive growth during the past year. The Sofia Fund has invested financially and also holds a seat on Kidizen’s board, working with its management team to advise on growth and scale.
”It was a quick yes for me to invest with the Sofia Fund, as I have worked with this dynamic team in the past”, said Mary Blegen, an executive at US Bank. “Thanks to the Sofia leadership team I have learned about angel investing and have the opportunity to link my passion for helping women succeed with diversifying my portfolio.”
For further information or for companies interested in being considered for investment, www.sofiafund.com.