Eastern New York Angels

What is Eastern New York Angels?

Eastern New York Angels (ENYA) is a member-managed angel fund that provides seed funding and mentorship to early-stage technology-enabled companies based in New York. Founded in August 2010 by Joe Richardson and Dick Frederick, the fund supports investment in sectors such as biotechnology, business product, clean technology, industrial energy, nanotechnology, security, semiconductor, and software.

As a managed angel firm, ENYA's primary goal is to nurture early-stage companies while generating reasonable returns for its members and creating jobs in the Eastern Region of New York State, known as Tech Valley. Investments typically range from $50,000 to $250,000.

ENYA's approach emerged from its predecessor, the Tech Valley Angel Network (TVAN), an affiliation of high-net-worth individuals that invested over $1.7 million into 20 companies since its inception in 2001. TVAN was disbanded in early 2010, leading to the formation of a more structured angel fund.

ENYA encourages companies seeking funding to apply via their website, and selected companies are invited to present at monthly meetings where members actively participate in investment decisions and support of portfolio companies. The portfolio includes innovative companies like Free Form Fibers, Vital Vio, Ener-G-Rotors, BESSTECH LLC, Dumbstruck, Glauconix, and Gatherer's Granola.

In addition to funding, the network engages in events and shares news on success stories and developments within its portfolio. ENYA holds significance for its role in bolstering the startup ecosystem in the Tech Valley, underlining the importance of mentorship and financial support to foster innovation and entrepreneurship.