MAVERICK Technologies Gets Wings from Angel Investors
COLUMBIA, Ill., August 1, 2006 — MAVERICK Technologies CEO and founder Paul Galeski talks up local angel investors in this month’s issue of St. Louis Commerce magazine. The article, “Angel Money Is Available and Steadily Taking Flight in St. Louis,” explains that St. Louis Arch Angels, founded in March 2005, is flying high as an investment club that offers funding to entrepreneurs.
Many entrepreneurs have trouble getting funding through banks, but St. Louis Arch Angels and other organizations like it exist specifically for this purpose. Galeski told St. Louis Commerce that it recently raised a total of $11 million through St. Louis and Kansas City angels, which allowed the company to grow significantly and increase its annual revenue from $20 million to $80 million in 2005.
In the article, Galeski says he seeks investors who have more to offer than just money. He suggests that other entrepreneurs should develop their own criteria for selecting an investor and look in the corresponding business network. St. Louis may not be the biggest pool of investment capital, he continues, but the people are honest and care about investing in others.
Biotechnology and information technology (IT) firms are among the most popular categories for new ventures receiving funding through angel investment organizations. Other recipients mentioned in the article include IT company S2Tech, software product developer Appistry Inc., biofuel developer Akermin Inc. and drug maker Sequoia Sciences Inc.
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