Seed Spot
Phoenix Area Angel Investor Ecosystem Development Project
Phoenix, AZ
Capital Challenge
Federal Share: $299,396
Local Match: $300,000
According to a Startup Genome report published in 2018, Phoenix’s entrepreneurial ecosystem is experiencing an early-stage funding gap of $49M annually. SEED SPOT, a globally-ranked social impact incubator, is partnering with Canyon Angels to accelerate the growth of the angel investing ecosystem in Arizona to minimize this gap and assist in the commercialization of EdTech, MedTech, and CleanTech technologies. By recruiting and training new angel investors from the pool of thousands of eligible accredited investors existing in Arizona, the project will expand capital deployment in Arizona to ensure that innovative startups with potential for growth and job creation can access the funding they need to scale.
The goal of the project is to expedite the growth of Arizona’s local investment ecosystem, increasing Arizona’s share of the venture capital marketplace and positioning Phoenix as a premier innovation hub. The overall strategy of the project is to recruit and train new angels, support an increased deployment of capital through diligence practice and pitch events, and simplify the process of connecting high-potential entrepreneurs with accredited investors.
In three years, the project expects to train 180 new angels, deploy $4 million of capital, and invest in 18 new companies. Since its founding in 2012, SEED SPOT has supported 884 entrepreneurs who have gone on to raise $53.3 million in capital, generate $82.6 million in revenue, and create 2,385 jobs. Founded in 2015, Canyon Angels has funded approximately 30 ventures totaling over $3 million in investments.