The Union League’s angel fund pumped $1 million into 5 startups

Angel investing group Broad Street Angels, based out of the tony Union League of Philadelphia, came out of stealth mode right around this time last year and set out to find early stage startups to back.

A year later, after reviewing around 125 online pitches, the company has deployed $1 million in capital to five Philly-are startups, including realLIST honoree NeuroFlow. Also backed by the group in 2017 were internet-of-things company FischerBlock, medical device maker ZSX, State College–based INDIGO Biosciences and Baltimore-based cybersecurity startup Huntress Labs.

Ben Franklin Technology Partners CEO RoseAnn Rosenthal, a seasoned investor with a background in economic development by way of PIDC, is chair of the Broad Street Angels. She says the investor the group grew from the original 10 founding members to a crew of 80.

“Deal opportunities presented themselves quickly as word spread within the angel investment community in the Mid-Atlantic region,” Rosenthal said. “During the Broad Street Angels’ first year, over 125 companies applied through our website to be considered for an invitation to make a presentation at our monthly meetings.”

The group, whose typical deal size is in the six-figure range, has three startups drop by the Union League every month to pitch. Investors must be active members of the Center City club.

“We’re thrilled with this strong start and look forward to a robust year two,” the investor said.