Tamiami Angel Fund

Tim Cartwright helped create the Tamiami Angel Fund to help spur business growth in southwest Florida. Investments will average between $100,000 and $200,000. [Photo: Brian Tietz]

After the state created the Florida Opportunity Fund to invest in startups, local business leaders began to examine what additional funding was needed to spark new business in southwest Florida. They urged the creation of an angel fund in the area and turned to Tim Cartwright and the Gulf Coast Venture Forum to lead the initiative. In July, 30 affluent investors living on the west coast from Naples to Sarasota closed on the $1.5-million Tamiami Angel Fund.

The fund's members will hold their first meeting in November. They expect to review two presentations at each monthly meeting. Cartwright says the average investment will be between $100,000 to $200,000. "The power of angel fund is on add-on investment capacity of members who may decide to follow fund investment with an additional investment," Cartwright says.

Cartwright, chairman of the fund and a former Chicago entrepreneur, is president of the Gulf Coast Venture Forum, a network of angels who invested on a more ad hoc basis. Cartwright personally has been investing in Florida companies since 2004.

Tamiami's members have experience in industries such as medical devices, life sciences, healthcare, consumer products, high-tech, telecom, software, insurance, financial services, energy and environmental services. The fund will consider early-stage pre-revenue companies with evidence of customer demand through later stage businesses in the expansion stage.