Cape Fear angel fund invests in Charlotte startup
September 20, 2012By Corbin Murray
The Cape Fear branch of the Inception Micro Angel Fund (IMAF) has raised $300,000 in funding for a Charlotte startup, Rawporter, officials said Thursday.
This investment in Rawporter marks the first investment by the Cape Fear branch of the IMAF, which started in February.
The IMAF is the result of a private equity initiative created by the N.C. Small Business and Technology Development Center and also operates in five other areas of the state. The fund focuses on fostering economic development by helping startup companies secure the funds needed to become successful.
The investment in Rawporter marks the first investment matched by the federal government under the Fund of Funds program. The program is a part of the current economic stimulus, which matches 10 percent of the total investments in small startup companies.
According to a press release, Rawporter is a new service that protects, promotes and sells photos and videos shared online like a social network for news enthusiasts. Since it began, Rawporter has expanded to operate in 55 countries and has sold content to dozens of media properties.
“We formed IMAF Cape Fear to invest in emerging technology businesses.” fund director at IMAF Cape Fear, Dallas Romanowski, said in a statement.
“Rawporter is an exciting way for us to take advantage of the photo and video-sharing momentum,” he said. “Additionally, our expertise in mobile and e-commerce will better prepare Rawporter for success.”