New angel fund will help Idaho companies; With $800,000 and 15 members, group will help new and higher-risk businesses

New sources of money will soon be available for Idaho and other regional companies.

A group of Boise-based investors has joined with Minnesota-based RAIN Source Capital to form the Boise Angel Fund.

The fund now has $800,000 and has 15 members, including local angel investors, institutions, and RAIN Source Capital. It will invest primarily in regional companies located in Idaho as well as in the Intermountain region, fund leaders said Thursday in a news release.

Angel investors are an important source of funding for young start-up companies because the investors are more willing than most to invest money in higher-risk companies.

RAIN Source Capital has contracted with Kevin Learned, a local business leader and a member of the Boise Angel Fund, to serve as RAIN Source Capital´s Idaho field agent.

"This is our first fund in Idaho, and we see strong interest from area angel investors in supporting high-growth, early stage companies, while also providing opportunities for investors seeking a return on their money," said Joan Wurzer, executive vice president of RAIN Source Capital. "Kevin will be building on the interest we´ve seen to help establish more RAIN funds in Idaho in the months ahead."

The Boise Angel Fund is the 21st RAIN fund to be formed through RAIN Source Capital, which includes a multistate network of angel funds. In addition to being an active investor in each of the funds, RAIN Source Capital also provides a process for due diligence, legal templates, management support and other resources.

Each RAIN fund determines what industries it will focus on, and the type and level of financing to provide, based on the interests and expertise of its members. Fund members play an active role in selecting and screening companies for potential investment, as well as monitoring company performance.

Learned led the effort to organize the Boise Angel Fund.

"This fund grew out of the Boise Angel Alliance, which reviewed business deals but didn´t have investment dollars," Learned said.

"RAIN Source Capital has a very effective and efficient model for how a group of angel investors can work together. We also see great benefit in being able to tap into the entire network of RAIN funds for deal flow and expertise."

For more information, contact Learned at klearned msn.com.