Pittsburgh, PA
Pittsburgh Trib
(By Stephanie Ritenbaugh)
An Oakland business incubator closed its initial investment — over $300,000 — in one of its first cohort of companies through its ‘angel investment’ program.
Idea Foundry’s program, IF Ventures, said the company that received the infusion was one of five presented to a group of investors in September.
Idea Foundry and its partner, law firm Babst Calland, declined to name the company because of confidentiality agreements. However, President and CEO Mike Matesic was able to say that it’s a company that develops software to help retailers and distributors.
The company is generating revenue, Matesic said.
“Part of our investment will be used for the company to expand into additional geographic models,” said Chris Farmakis, shareholder and board chairman of Pittsburgh-based Babst Calland.
Additional investments are still being considered for the group, Matesic said.
IF Ventures is an investment group managed by Idea Foundry Inc., a non-profit economic development organization. The goal of the program is to attract investors and funding for companies to boost economic development through entrepreneurship and business growth.
“The investor interest and attraction of new investors exceeded our expectations at this early stage,” Matesic said.
“One of the most promising actions that occurred was that our initial group of investors encouraged their peers to join and ultimately became part of this initial investment,” he said.
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