ARC Angel Fund, A NYC-Based Seed Fund, Announces Its First Close

NYC, NY – On July 16, 2010, ARC Angel Fund (http://www.ARCangelfund.com) successfully completed its first close of this new Angel-Led Seed fund. ARC is now reviewing early-stage and seed investment opportunities. ARC will focus primarily on technology, Internet, tech-enabled services, software, digital media, mobile, healthcare IT, among others.

ARC Angel Fund is a member-led Angel Fund. An Angel Fund is, in essence, a hybrid model between an Angel Group and a Venture Fund. This model gives our investors the flexibility to participate as much as they like in the management of the Fund. General Membership makes the Investment decisions. Committees are set up to handle the business of the Fund.

The ARC Angel Fund was started by David Freschman of Innovation Ventures, Michael Kelley of Red Clay Equity, Edward Reitler of Reitler Kailas & Rosenblatt, and Joe Rubin of FundingPost. ARC's goal is to support the entrepreneurial community by both leading on deals and co-investing with other early-stage venture funds and angel groups.

"Our region has a sustainable and growing tech entrepreneur community," said Steve Brotman, Managing Director, Greenhill SAVP, and Investor in the ARC Angel Fund, "but, in addition to a vibrant VC industry, a critical component to that growth trend is a vibrant angel investing community. ARC is a great addition to our community."

Edwin A. Goodman, Co-Founder, Milestone Venture Partners, and Investor in the ARC Angel Fund, added that "Participation in the ARC fund is a great way for Angels and VCs to gain additional access to the robust early-stage deal-flow characteristic of NYC."

ARC has garnered incredible support from the Northeast and Mid-Atlantic Venture and Angel communities so far with an impressive investor list consisting of Angel Investors, VC Fund Managers, Private Equity Fund Managers and Successful Entrepreneurs. In addition to the above, some of the other 30+ ARC investors so far include Ed Foy of eFashionSolutions, Jeff Finkle of Odeon Capital, Joe Zawadzki of MediaMath, Joseph R. Saviano of Baker Capital, and Don Franceschini, the retired Vice Chairman and a Director of the Sara Lee Corporation, who said, "ARC Angel Fund is an exciting and unique fund that brings together many angel investors into a single organization that, through their collective and varied experience, can maximize investment opportunities."

"We are very pleased with the response so far," said Ed Reitler, Founding Member of the ARC Angel Fund. "We're only a few days in and we are already reviewing some exciting opportunities and getting calls from other Funds to co-invest on deals. We are aiming to foster the growth of early-stage companies and provide significant networking and idea-sharing opportunities for our Investors."

With its first closing successfully completed, the ARC Angel Fund is now reviewing opportunities which can be submitted through the ARC website.

For more information on the ARC Angel Fund, visit the website at http://www.ARCangelfund.com