From Inside Business By TARA BOZICK
$64 million — That’s the amount 757 Angels has invested in 28 early-stage companies since the group’s launch in 2015, according to the group’s 2020 five-year impact report.
And about 90% of the capital has been invested in Hampton Roads, its leaders say.
757 Angels also grew the number of its angel investor members from 75 in 2015 to 123 in 2020.
The firms leveraged their investment to currently employ 413 people, according to the report. And 95% of 757 Angels’ portfolio companies report having a woman, person of color or veteran in executive ranks.
The COVID-19 pandemic slowed investment, but it hasn’t stopped. While 74% of the group’s portfolio companies experienced a loss of revenue from March to May, 26% of businesses reported increased revenue. The report shows nearly half plan to maintain their number of employees with 10% adding employees, 28% planning layoffs and 14% implementing furloughs.
Still, the firms adapted with more than half pivoting to alternative revenue streams and most receiving a Paycheck Protection Program loan, according to the report.
