Seattle angel investment group Alliance of Angels today formally announced a new seed fund to supplement investments in early stage startups in the Northwest.
The $4.25 million fund is expected to make seven to 10 investments a year over three or four years, according to the release.
It’s not easy money, though.
To be eligible, startups have to go through the alliance’s screening process and receive at least $100,000 from multiple alliance members.
They’ll also have to be reviewed by a committee, including Trilogy Partnership’s Peter van Oppen, Madrona Venture’s Tim Porter and investor Gaylord Kellogg.
The seed funding was raised by individuals and investment firms. Candidates for funding are already being considered, starting with companies that presented at the alliance’s April luncheon, the release said.