15
May

Michigan Angel Investors and Startup Investors

Derek Mehraban

Fantelope is now raising early stage seed investing and looking for a few good angel investors in Michigan and beyond.

As you can imagine, fundraising and investment at this early stage is hard to come by. Fantelope is an early stage product and though we had some great success with our first use cases this investment is still considered risky by many investors.

Fantelope will need to get traction and more sports fans using the app to raise larger amounts of money. That’s one reason we are raising convertible debt for now. With our new app launching in June 2017, and the need to acquire fans this summer and fall, we need $$$ now. And we don’t want to miss the fall sports season. We also don’t have enough traction to give a good valuation yet.

So we raise convertible debt, which gets us through the end of the year, when we can have enough traction to entice angel investors and seed investors and maybe even series A funding for Fantelope in early 2018.

Michigan is not known for investing in sports apps. Except for Courtside Ventures, which is based in Detroit and a partnership with Dan Gilbert of Detroit Venture Partners and Quicken Loans fame and others, there isn’t much sports investing. Andy Appleby is a guy who has invested some in sports in the Detroit area. And we hope that more will come along.

Upon doing some research into Michigan Angels investments, they did invest in the Varsity News Network (VNN) which builds websites for high school sports. They are a successful Michigan startup that is all about high school sports, and someone we need to talk with, as Fantelope plans to move into the high school market eventually.

Groups like Ann Arbor Spark have been helpful for Fantelope. Spark gave us a $40K grant to use for Michigan companies like Bodman Law and Alfa Jango developers. That is some positive acceleration, and we appreciate it.

We have spoken to groups like Invest Michigan and Invest Detroit, and they may be interested in the future when we have more fans on board and show more traction. It’s all about the traction.

So for now we are looking for angel investors in Michigan and beyond. We are having more success on the coasts in Boston and San Francisco. Also in Chicago. But we are still hitting the pavement in Michigan and doing what we can to find investors.

If there is one thing I need to remember is that finding angel investors takes time. I can think of a few good Angel Investors in Michigan. Hmm, Bill Ford, owner of the Detroit Lions would be great. Dan Gilbert is the man, and he owns the Cleveland Cavaliers. Can you say LeBron? Josh Linkner is a successful investor and tech entrepreneur. I’m sure there’s more too. Know any good angels? Please pass them along. Thx

 

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