(Photo by Flickr user Pictures of Money, used under a Creative Commons license)
Washington, D.C.-based nonprofit Halcyon is getting into the angel investing business.
#Washington #DC is the best place for #social #enterprises to grow and scale, and there's exciting news about a new impact-focused #angel #investor group forming to support social entrepreneurs in our region over the next three years:https://t.co/tN7Yw88KWg
— Halcyon Incubator (@HalcyonIncubate) August 7, 2019
The social entrepreneur incubator is launching its own investment group after it landed a $300, 000 grant from the U.S. Department of Commerce last month, the Washington Business Journal first reported. The local nonprofit was the only D.C.-based organization selected from a pool of 183 applicants, as Technical.ly DC previously reported, and the grant will be dispersed over a three-year time period.
“There’s still a lot of things to lock down, but I think we already have our eyes on a lot of the relationships and individuals and partnerships to move pretty quickly on this,” Ryan Ross, CIO of Halcyon, told WBJ. “We think once we get this engine up and running, it’s going to be a really incredible amount of financial support for these entrepreneurs and really bridge that capital gap in the region.”
WBJ reported that Halcyon is looking to hire a director for the group, and has a goal of reeling in between 50 to 70 members over the next three years. Halcyon wants to get the investment group active by the end of this year.
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