After a very fast start to 2024, April was quieter with two investments in Mavi.io and USREM. In this newsletter edition, we look at news from portfolio companies including Tire Agent, Pindrop Security and Cynomi. We also sit down with NYA Member Ray Farrell. We are always looking for ways to help and support our portfolio companies, so please contact with us if you have news, and we can help share with our broader network.
APRIL INVESTMENTS
NYA Members invested $200k between two investments in April.
APRIL INVESTMENT HIGHLIGHTS
Mavi.io OnMyWay is an in-car commerce experience available from the vehicle's dashboard The platform offers fully automatic services such as: recommendations, ordering, payment, and curbside pickup. Mavi.io includes a curated group of retailers, restaurants, parking lots, gas stations, and more – enabling providers to acquire new customers and increase customer loyalty. New York Angels Members invested in the Seed Round based on the innovative platform under the leadership of Founder and CEO Cynthia Hollen. The deal was led by Mike Gibbons and James Dooley.
USREM, the company founded by NYA Chairman Emeritus David Rose, is unlocking liquidity in real estate investment, opening new opportunities for institutional, family office and individual investors. Member Hugh Cullman led the deal.
COMPANY NEWS
PINDROP SECURITY
Pindrop Security was recognized by the FTC as one of the four winning submissions in the Voice Cloning Challenge. Pindrop’s Voice Cloning Detection technology detects voice clones and audio deepfakes in real time. The technology evaluates each incoming phone call or digital audio in two-second chunks and flags those that are potential deep fakes. Large organizations were not eligible for monetary prizes from this FTC challenge. Read FTC Announcement
COMPANY NEWS
CYNOMI
Cynomi secured $20m in its Series A led by Canaan and supported by other past investors, demonstrating strong confidence in Cynomi’s strategic direction and market potential. This round of funding is expected to catalyze the company’s next phase of international growth. Cynomi operates a vCISO platform that leverages AI and expert cybersecurity knowledge to automate and enhance security tasks, making high-level security accessible and affordable for SMEs. Read Full Article
COMPANY NEWS
ENERGY SAGE
EnergySage, the leading marketplace for consumers to shop, compare, and save on clean home energy solutions, released the results of its eighth annual Electrification Contractor Survey. This survey was the first of its kind to expand to include professionals operating in solar-adjacent, whole-home electrification fields, from energy storage and heat pump systems to electric vehicle charger installations and main panel upgrades. Read News Release
COMPANY NEWS
EPICURED
Epicured was named as one of the 7 Best Gluten-Free Meal Delivery Services for 2024. The company was specifically recognized as Best low FODMAP. Epicured features an extensive menu with a variety of gluten-free options and received its highest scores for:
• Nutrition: 5/5
• Ingredient quality and freshness: 4.5/5
• Ease of preparation: 5/5
• Taste: 4.5/5 Browse Reviews on Healthline
COMPANY NEWS
NEWLAB
Newlab will open at Michigan Central with 270,000 square feet dedicated to hosting startups who have a focus on working toward a future of mobility. Startups can utilize a framework that will allow for safe testing in the community lab space, access to capital and connection with mentors, along with having their own lab spaces. This building is part of the new mobility campus Ford is setting up in the neighborhood. Read Detroit Free Press Article
COMPANY NEWS
TIRE AGENT
Jared Kugel, Tire Agent Founder & CEO, was recognized as one of the 44 finalists for the Ernst & Young Entrepreneur of the Year 2024 New York Award. In its 38th year, Entrepreneur Of The Year is the preeminent competitive business award that recognizes audacious leaders who disrupt markets, revolutionize industries and have a transformational impact on lives. View EY 2024 New York Award Finalists
MEMBER SPOTLIGHT
Ray Farrell joined New York Angels in 2018 and brings a wealth of knowledge as a strategic intellectual property counselor. Ray works with domestic and international entities of all sizes on the effective development and utilization of their patent and trademark portfolios, with an eye towards achieving optimal return on their budgeted resources. Ray is an active business mentor, and was principally involved in launching a consortium based, venture mentoring service of top institutions in the area, and introducing the group's innovative ecosystem leaders to MIT's Venture Mentoring Outreach Program.
MEMBER EVENTS
HBS ALUMNI ANGELS ASSOCIATION JASON E. KLEIN
New York Angels Member Jason E. Klein was one of four panelists in a "Pitching to Angels" session on April 16th. The online event was hosted by the HBS Rock Center to help connect entrepreneurs with angel investors and allow founders the chance to pitch their idea, receive valuable feedback, and potentially secure funding. NYA Members have a strong network with other angel investment groups including HBS Alumni Angels Association. Learn More About HBS Rock Center
COMMUNITY CONNECTIONS KEY INVESTMENT PARTNERS PETE KARABAS
Last month Pete Karabas, Founding Partner of KEY Investment Partners, spoke to our members about the evolving cannabis market. Pete provided an education on what is legal at a state vs federal level, and why all of the public investment opportunities are via Canada. Since he spoke, The Biden administration has moved to reschedule cannabis from a Schedule I to a Schedule III drug, opening up greater opportunities for investment. Learn About the Evolving Cannabis Market
RESEARCH IN INTERNATIONAL BUSINESS AND FINANCE
MICRO-ANGEL INVESTMENTS OF MEN AND WOMEN: THE ROLE OF INSTITUTIONS
A study that analyzed more than 50,000 micro-angels from 88 countries was recently published in the Research in International Business and Finance. The research analyzes how informal investments are a key source of financing for startup and how institutional weakness can impact these investments of male and female micro-angels. The study concluded that:
Weak institutions decrease the likelihood of women becoming micro-angel investors.
Weak institutions encourage investing in acquaintances and strangers rather than family.
Robustness checks involving cultural dimensions and gender equality confirmed these findings.
The decisions of whether to become a micro angel and how much to invest are independent.
Investment Forum (Hybrid):
• May 20th (9:00 AM - 12:30 PM)
June Screening (Hybrid):
• June 3rd (9:00 AM - 1:00 PM)
FOUNDER DEADLINES
June Screening Application:
• Due May 13th
*New York Angels, Inc. ("NYA") is a not-for-profit corporation that is funded by membership dues for individuals and/or entities that NYA has designated as members as well as from certain sponsors. Its purposes include providing administrative support to its members. NYA does not invest in companies. Investments, if made, are made by individual members of NYA.
