New Boise-based angel fund raises $850,000

A potential new angel investment fund based in Boise has raised $850,000 out of a goal of $2 million.

Leaders with the Capitol City Angel Fund, who are involved with the Boise Angel Alliance, could not comment on the new fund, citing Securities and Exchange Commission regulations barring general solicitation of funds. They reported the $850,000 to federal regulators.

The Capitol City Angel Fund could follow two local angel investing funds that have provided capital to more than 20 companies. One is the Boise Angel Fund, which raised and invested $1.3 million. The other is the Treasure Valley Angel Fund, which has raised and is investing $1.5 million.

The new fund would be a source of capital when the Treasure Valley Angel Fund commits all of its money. Kevin Learned, past president of the Boise Angel Alliance,  told the Idaho Business Review in December that the fund has committed 60 percent of its money and should be fully invested by the end of 2014.

Capitol City’s filing with the SEC on Feb. 21 says the company’s funds will be used for investing. The filing lists Denise Dunlap and Mary Andrews as connected to the company. Dunlap, along with Learned, is a partner in Loon Creek Capital, which handles administrative duties for the two existing Boise angel funds. Andrews founded the Boise Angel Alliance.

The Boise Angel Alliance has had two of its investments acquired. Baby food company Happy Family was acquired by Danone, and technology company Pacinian was acquired by Synaptics.