Efforts were launched today to create a Pittsburgh Angel Fund
to provide seed capital for early-stage technology companies. Innovation Works, the Pittsburgh Life Sciences Greenhouse, Carnegie Mellon University, the University of Pittsburgh, and the Pennsylvania Department of Community and Economic Development have committed a total of $2 million toward the fund, and they released an RFP seeking a professional manager. The manager will be expected to raise additional investments for the fund as well as manage the funds, so that several million dollars in seed capital will be available.
This Fund can play a key role in filling a critical capital gap for our region
. But to be successful, it will need additional individuals in the region to become, in effect, angel investors by investing in the Fund.