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A new regional angel fund has been launched called Mass Medical Angels, devoted exclusively to backing life sciences startups.
Mass Medical Angels (MA2), according to its one-page website, plans to fund early stage biotechs that want to raise from $250,000 to $3 million. As the site notes, “The Boston area is a world-leading supercluster for medical innovation, but all early-stage companies in the field have tremendous difficulty with first round funding. Our goal is to provide money and mentoring to the life science community to achieve superior returns for our group, and more clinical innovation for the community.”
MA2’s intention is to fund all or a portion of the first round, depending on the exact amount needed. Moreover, MA2 may fund all of the round, or part of it, and work with other angel groups of venture funds to complete a round.
Ideally, it wants companies that are “extremely capital efficient” where MA2’s funds will result in “significant step-ups in valuation to avoid unfavorable future funding rounds.” The company wants a ten-fold return on its investment in a five-year time frame.
The fund was launched by Richard Anders, a long time Boston-area entrepreneur and financier, according to online publication Xconomy.
The MA2 website is already accepting business proposals.
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