Reno Angels take first stake with investment in InTUUN
The Reno Angels made their first investment this month as the group provided funding for InTUUN Systems, a Reno company that provides health-care information technology.
Terms of the investment weren’t disclosed.
The deal with InTUUN marks the first investment made by the Reno Angels since the group was formed in the spring of 2008 — but it’s not for lack of opportunities.
In the 19-month history of the Reno Angels, the group’s investor members have been contacted by about 45 early- and mid-stage entrepreneurial companies that sought equity funding.
Of those, only two — InTUUN and another company that’s still under review for possible funding — cleared the bar, said Greg Crawford, a member of Reno Angels.
“We want to do more deals than we have,” said Crawford, a principal in Sierra Nevada Wealth Management in Reno. “Typically, the investment process works faster.”
He said the deal with InTUUN took time to assemble because of uncertainty in worl
d investment markets in the past year. Venture- and angel-funding groups nationwide have pulled back from new deals.
At the same time, InTUUN was moving to ramp up its operations more quickly, and its needs for capital changed as a result. President David Diamond said the angel investment will provide growth capital. Read full story:
