SILICON SLOPES, Utah, March 28, 2013 /PRNewswire/ -- These individuals have achieved outstanding entrepreneurial success, and are now funding and mentoring companies in an unusual way. In a move to create an immediate "jump start" for companies that require angel funding, five renowned Utah entrepreneurs Rick Alden, Alan Hall, Josh James, Todd Pedersen and Greg Warnock have come together to launch a creative new funding entity: Plus550.
Plus550's mission is to help young companies past what can be the challenging angel stage funding and lending environment. By providing these funds through a streamlined program, these highly successful entrepreneurs are working to give companies they fund a faster route to success, which will also help to accelerate the local Utah economy and speed the creation of additional jobs.
The Plus550 Group provides a high-speed and high-energy method for issuing equity investments to fitting candidates in amounts that may range from approximately $25,000 to $100,000. Companies seeking additional capital can also benefit from the "50" co-investors aligned with Plus550. Candidates will provide pre-approval information to the group through a new website, www.plus550.com. Funded companies to date include: Chargeback Guardian, CloudVu, ContactPoint, DropShip Commerce, Marketecture, Right Intel and Salt Stack. Most financings closed within several days of the company submitting their profile and received a check during their first meeting, often with a simple one-page agreement.
Despite the hint of "giving back", the founders of Plus550 expect to drive fair returns by deploying capital in an efficient and normal way. By employing typical deal terms and best venture practices, the group looks to align the interests of investors and entrepreneurs to position companies for the greatest likelihood of long-term success. Plus550 is in a position to experiment and innovate around the financing process because unlike a typical venture fund, the Plus550 Co-founders are investing only their own funds and are accountable only to their own goals of fair returns, normal terms, unprecedented execution and agility.