Grand Rapids-Based Grand Angels Launches $11.8 Million Third Fund

By Amit Chowdhry ● February 13, 2020
  • Grand Rapids-based Grand Angels has raised $11.8 million for its third fund

Grand Rapids-based Grand Angels has finished raising its third fund at $11.8 million, according to Crain’s. Grand Angels’ previous rounds were $2 million and $6.8 million, respectively.

Along with the fund, Grand Angels can also invest in the deals individually. Plus members of the Michigan Capital Network ― which includes the Woodward Angels in Detroit, the Flint Angels, and the Ka-Zoo Angels in Kalamazoo ― are also able to co-invest with the fund in these deals.

And the Grand Angels provides back-office and due-diligence support for members of the other angel groups in the network.

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Grand Angels was originally founded in 2004 by former Grand Bank founder and CEO Charles Stoddard and Craig Hall. About a year later, the Grand Angels recruited Jody Vanderwel. Then Grand Angels president Tim Parker was hired a few years ago.

The Grand Angels board also includes member Carey (Hurst) Lefere, Managing Director Paul Damato, Carl Erickson, Patrick Gaughan, John Jackoboice, Michael Jandernoa, Lawrence Leigh, Richard Lievense, and Robert Sprotte.