Company lifted by Angels into growth frequency
West Michigan’s first organized group of “angel investors” has had its first exit.
RF Identics, a Grand Rapids radio frequency identification (RFID) developer startup, was snapped up last month by Avery Dennison Corp., a self-adhesive product company. RF IDentics, founded about 18 months ago, is one of the first to market with second-generation RFID tags.
These tiny tags are put on products and track their movements around the world. Company leaders believe RFID will allow them to perfect the art of “just-in-time” shipping among other things.
The Grand Angels is a West Michigan investment group with 40 members. It was formed in January 2004 and invests in promising startup companies. This type of investor is crucial to developing new high-tech companies in need of capital. The angels have eight portfolio businesses.
The Angels typically invest between $250,000 and $1.5 million in companies to become equity shareholders. The average investment is between $400,000 and $500,000.
Source: Vickie Morgan, The Grand Angels
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