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Angel investors collaborate, pump $1.1M into NanoPack Inc.


Four Philadelphia-area angel investor groups joined forces to fund NanoPack Inc., a materials science company, with a $1.1 million investment late last month. The collaboration was a first for angel groups Robin Hood Ventures, Mid-Atlantic Angel Group, Delaware Crossing Investor Group and LORE Associates.
Howard Kravitz and Fred Levitt founded NanoPack in 2004. The company develops and markets environmentally friendly materials for the packaging industry, and specializes in food packaging where protection of contents from oxygen and moisture is essential.
One of NanoPack’s first commercial products is a barrier coating for polyester and polypropylene packaging films, representing a multi-billion dollar market, according to Larry Brotzge, a general partner in Robin Hood Ventures.
Brotzge said that in addition to being a good investment, the collaboration process among the four angel investor groups provided a template for future cooperation.
“The difference here is that everybody had input into the terms sheet as it went along, everybody read the documents,” Brotzge says. “It was more of a group affair. The process took longer but the end result was better, everybody owned it more. And to me, the noteworthy thing of it is that we’ve built a template here to do transactions in the future.”
Source: Larry Brotzge, Robin Hood Ventures
Writer: John Davidson
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