Published : Friday, February 24, 2017 | 1:01 PM
The Pasadena Angels announced the fourth investment from their PA Fund 1 has placd an additional $100,000 in Repurpose, a Los Angeles-based consumer products company that makes plant based, 100% compostable tableware products.
Repurpose is now distributed in over 4,000 stores nationwide including Safeway, Whole Foods, Target, Albertsons, Target, and Wegmans.
The Pasadena Angels have previously invested $750,000 in Repurpose. This additional investment from The Fund will allow Repurpose to expand of their product offering in the retail space and support their rapid growth in mainstream and mass retail. Repurpose is also a Los Angeles Cleantech Incubator (LACI) company, one of four LACI companies that the Pasadena Angels have invested in; and the second company to be included in the Fund.
The Fund was formed in May of 2016 with a capital raise of $1.5 million to date; for the purpose of co-investing exclusively in deals that are subscribed by Pasadena Angels members. “We are pleased to be an additional source of funding for our portfolio companies. This additional capital will allow Lauren Gropper, CEO of Repurpose, and her team and to drive the growth of their brand in the sustainability marketplace.” States Anthony Valencia & Terry Kay, Pasadena Angels PA Fund 1 co-chairs.
The Pasadena Angels’ 100 plus members invest individually and directly. The Fund provides PA members the opportunity to invest as a group and increase their portfolio diversification. The Fund expects to make investments of $100,000 per company across emerging companies being funded by the Pasadena Angels. The PA Fund 1 operations are managed by Pasadena Angels members Terry Kay and Anthony Valencia.
The Pasadena Angels was founded in 2000 and is one of the longest running angel groups in Southern California. Members have invested over $70 million in over 185 companies. Pasadena Angels funded companies have gone on to raise over $500 million from additional funding sources such as venture capital and private equity. Recent notable exits for the Pasadena Angels are Mind Body Software (NASDAQ:MB) reaching $1 billion and Bluebeam Software, acquired by Nemetschek for $100 million. The Pasadena Angels was ranked one of the top ten angel investing groups in the country according to Forbes Magazine (2015). A nonprofit entity, the Pasadena Angels offers early stage start-ups capital investments; as well as mentoring from the expertise of more than 100 investor members with over 4,000 years of combined business expertise.