When discussing the biggest startup markets in the US, we often hear names like California, Texas, or New York.
However, in the past years, Indiana has also witnessed exceptional startup growth, thanks to the huge number of angels in Indianapolis, Bloomington, and many different cities throughout the state.
Similarly, the state is currently home to around 6,000 startups, and many more ventures are still getting funded thanks to its VC firms, angel groups, and individual investors.
So, let’s wait no longer and jump onto the list of the top 6 angel investors in Indiana.
Top 6 Angel Investors in Indiana
Following is the list of some of the top individual investors and angel groups in Indiana.
However, before you contact any of the investors, always take time to do proper research, especially when you are attending your first-ever investor meeting.
Tim Kopp
Investor Type: Individual Investor
Investment Interests: Software and Marketing
Investment Stage: Early and Seed
Aside from being a great entrepreneur experienced market, Tim Kopp is also an individual investor who funds Indiana-based startups. He has previously served at the famous Procter & Gamble ventures and currently serves as the CEO of Terminus and Operating Partners at Hyde Park Venture Partners.
During the investment, Tim Kopp is known to be the most careful individual investor and only invests in startups that will grow. He invests through fundraisers or different meetups, connecting with entrepreneurs who have the potential to grow their businesses through funding.
Aside from funding, Tim Kopp also participates in many workshops and startup events, guiding startups that are at early stages.
The investment range of Tim Kopp ranges from $100,000 to $1M. From his 21 personal investments, some notable names are:
Saleo: Saleo is a demo experience platform helping software companies create incredible sales demos. It uses AI to transform existing demo environments into data-complete, relevant, and stable demos. Saleo has raised $13M.
Gridline: Gridline is an alternative investment platform that enables you to invest with top-tier fund managers across venture capital, private equity, private credit, and real assets. Gridline has successfully raised $9 million in funding.
PERQ: PERQ is a marketing technology company that provides businesses with automated, personalized shopping experiences for consumers. PERQ has raised a total of $14.3M in funding.
XCAP Angels
Website: xCapAngels | Helping Grow Young Companies
Investor Type: Angel Group
Investment Interests: Tech, SaaS and Healthcare.
Investment Stage: Early and Seed
Funding startups for more than a decade, XCAP Angels is one of the most prominent investment groups in Indiana. With a strict focus on early and seed-stage startups, XCAP Angels has funded more than 80 startups and is still selecting more deserving companies for 2024.
During the screening tests, XCAP Angels looks for entrepreneurs who have the passion and ambition to create successful companies. They focus on markets that are ripe for disruption and those ready for explosive growth. They also like a compelling value proposition and a clear path to profitability.
Similarly, once a startup has been funded, XCAP Angels also organizes many networking events and mentorship programs. They have organized The Speak Easy event, which is a place for Indianapolis-based entrepreneurs, startups, and the folks who support them to work.
The investment range of XCAP Angels ranges from $100,000 to $500,000.
AllergEase: AllergEase was a company that manufactured organic allergy relief lozenges. AllergEase raised a total of $1.1M in funding.
Emerald Logic: Emerald Logic is a company that offers solutions for hyper-dimensional analytical problems in finance, social networking, defense, and healthcare sectors. Their Fast Collective Evolution Technology (FACET) combines biological and mathematical principles. Emerald Logic has raised a total of $686K in funding over 3 rounds.
250ok: A company that developed a SaaS-based platform to monitor and measure the deliverability of email networks12. It provided advanced insights into email deliverability, sender reputation, fraud protection (DMARC), and consumer engagement.
Indiana Angel Network
Website: IU Angel Network | Information For Investors (iuventures.com)
Investor Type: Angel Group
Investment Interests: Education, Events, and Healthcare.
Investment Stage: Early and Seed
Indiana Angel Network is another notable name in the angel groups of Indiana. The network was founded by David L. Clark in 2010 and has funded many startups.
During the investment stage, the investors at Indiana Angel Network fund startups that have knowledge about their competitors can provide stats on how their startup will succeed and have unique ideas.
Similarly, the network mostly funds early-stage startups and, sometimes, also selects screen-staged ventures. They invest in a wide range of industries and are going to fund at least 20 startups in 2024.
The investment range of Indiana Angel Network ranges from $50,000 to $500,000. Some of their portfolio companies are:
Mentor Collective: Mentor Collective is a Boston-based company that provides scalable, structured mentorship programs. It partners with universities to manage programs. Mentor Collective has raised a total of $28.4M in funding.
Stagetime: Stagetime is a networking platform for performing arts professionals, including singers, instrumentalists, and composers. Stagetime has raised a total funding of $3.31M.
Probari: Probari, formerly known as Care Revolution, is a healthcare technology startup company that provides better patient care and reduces costs for its clients.
Scott Dorsey
Investor Type: Individual Investor
Investment Interests: Events, Fitness, and Software
Investment Stage: Seed and Early.
Funding startups for more than 20 years, Scott Dorsey, is one of the most renowned individual investors in Indiana. Although he was born in Illinois, Scott Dorsey later moved to Indiana and founded High Firm. Aside from his VC firm, Scott Dorsey has made 9 individual investments and continues to fund such startups.
During the selection process, Scott Dorsey only funds startups that can promise quick growth. He usually prefers early-stage startups that can generate 5-6x ROI within 16 months of investment.
The investment range of Scott Dorsey ranges from $100,000 to $1.5M. Some of his recent investments are:
beastcoast: Beastcoast is an online esports game organizer that specializes in organizing games and tournaments based on players’ interests. The company focuses on providing quality content, entertainment, and community engagement. This company raised $2.5M in a pre-seed round.
Ergatta: Ergatta is a connected fitness startup. Unlike traditional at-home fitness companies whose content empowers the instructor, Ergatta’s game-based content empowers the user to take control of their fitness journey. The network raised $5M in a seed round.
Pioneer Square Labs: PSL is an American startup studio and venture capital fund. PSL develops and tests new business ideas and creates new companies out of the successful ones. It raised $15M in a Series B round.
Developertown Angels
Website: DeveloperTown – VisionTech Partners (visiontech-partners.com)
Investor Type: Angel Group
Investment Interests: Tech
Investment Stage: Early
Headquartered in Indianapolis, Developertown Angels is also an angel group that funds Indiana-based startups. Founded in 2010 by Jason Vasquez, Nathan Altman, Michael Cloran, and Micheal Kelly, the network has funded around 30 early-stage startups.
They provide funding to ventures that are providing innovative solutions through their services or products. With a strict focus on the tech sector, Developertown Angels provides financial capital as well as mentorship. They have an experienced network of mentors who guide their portfolio companies throughout the startup journey.
The investment range of Developertown Angels ranges from $100,000 to $800,000. Although they make a lot of investments, Developertown Angels do not public their portfolio companies and mostly fund through fundraisers, meeting events, or sometimes, pitching competitions.
Ade Olonoh
Website: About | Ade Olonoh
Investor Type: Individual Investor
Investment Interests: Tech
Investment Stage: Early and Seed
Ade Olonoh is an entrepreneur and an angel investor who loves to boost tech-related startups. He founded Bottled Software company, right after his graduation and has always been into solving market problems.
Similarly, Ade prioritizes startups that can present innovative solutions in the field of tech. He participates in numerous events to meet new ventures and search for a deserving investment.
Aside from his investment activities, Ade Olonoh also participates in mentorship programs and workshops. He guides startups through his extensive experience in the startup sector.
The investment range of Ade Olonoh ranges from $200,000 to $1.5M. He has invested in many companies, some of which include:
Woven: Woven was a calendar app designed to help people spend time on what matters most. Woven became the most powerful calendar on the market. However, the Woven team has now joined Slack.
Kapwing: Kapwing is a modern video creation platform that helps teams make great content faster. It offers a suite of free browser-based tools to produce and share short-form videos from any device.
Universe: Universe is a platform built to empower event organizers to deliver fan experiences. It aims to help organizers earn more incremental revenue efficiently.
Wrap Up
In short, pitching to angel investors will never be a piece of cake. In order to secure an investment, you must present your startup upto the standards of the specific investors/VC firm.
Research well, understand what the investors want to see in a startup, and present your pitch deck confidently.
Good Luck!
Frequently Asked Questions
Q: How to get a warm introduction to angel investors?
A: Securing a warm introduction to angel investors can greatly increase your chances of gaining their attention.
Consider these steps:
Seek introductions through friends, colleagues, or acquaintances who may know potential investors.
Participate in industry conferences, startup meetups, and pitch competitions where you can connect with investors directly.
Explore angel investor networks or social media groups dedicated to startup funding.
Build relationships with experienced entrepreneurs or advisors who can introduce you to their investor contacts. Always be professional and respectful when seeking introductions.
Q: How do angel investors differ from venture capitalists?
A: Angel investors and venture capitalists invest in startups but differ in their funding sources and investment stages. Angel investors use their funds, while venture capitalists manage pooled funds from institutional investors. Angel investors are more likely to invest in the early stages of a startup when it is still developing its concept and product, while venture capitalists typically invest in later stages when the startup has already demonstrated market traction and growth potential.
Q: How to prepare a decent pitch deck?
A: Craft a compelling pitch deck by outlining your business idea, market opportunity, and unique value proposition. Include concise slides on problem-solving, target market, competitive landscape, and revenue model. Use visuals to enhance understanding. Keep it focused, clear, and engaging to captivate potential investors.
