September was a busy month for New York Angels. One investment closed (Lookout ̶ an AI-powered marine camera for safer boating), we held a very successful Office Hours (with 20 startups), Evan Nisselson, from LDV Capital, gave a fascinating presentation on visual AI investments at our Investment Forum, and we resumed in-person screening presentations for companies seeking funding.
In this edition, we meet with Jared Kugel, CEO & Founder of Tire Agent (which recently was recognized as one of the fastest growing private companies in the country), speak to Bruce Kaminstein, (one of NYA's resident experts on CPG and supply chain), highlight one of the differentiators of New York Angels ̶ our investment fund, as well as share our members' thoughts on providing advice to companies in which they have invested.
TOTAL INVESTMENTS YTD
Despite the macroeconomic uncertainty and publicized slowing of VC funding (read more in the industry analysis at the end of this newsletter), the latest month's close brings the total 2023 investments of New York Angels members to over $4M YTD.
SEPTEMBER INVESTMENT HIGHLIGHTS
LOOKOUT
This September, New York Angels members invested in Lookout ̶ a marine camera system featuring SuperSight for boats. Their proprietary AI vision system offers safer navigation by identifying hazards that radars often do not currently identify. NYA members were attracted to their superior technology that easily integrates into existing boating technology and the founder's clear understanding of the boating market. Brian Cohen first introduced Lookout to NYA, and Anthony Gellert led the deal.
FOUNDER SPOTLIGHT
As a tire industry veteran, Jared Kugel, CEO & Founder of Tire Agent, is transforming how consumers buy tires nationwide. His family owned tire distribution centers and retail stores, where Jared learned how traditional tire stores used decades-old customer purchasing and installation processes. Jared believed in making the customer the center of their business model, which led to the company’s continued growth. Tire Agent helps educate people about the tires they purchase, and gives people top notch care that is conveniently completed at their home, work or anywhere else. Jared speaks about his journey and how he has been helped by NYA members including Tonny Ho, Jason Klein, Carl Pergola and Mark Schneider.
COMPANY NEWS
U.S. INTEGRITY
Sports Illustrated recently featured a multi-page article on U.S. Integrity and the endless number of sports betting violations that the company has uncovered. U.S. Integrity differs from other sports betting monitoring companies because it is independent ̶ doesn’t traffic in data, doesn’t take bets and doesn’t sell risk-management services. Its revenue comes from sports and gambling clients buying what U.S. Integrity Founder & CEO Matt Holt calls “a front-end alerting system.” U.S. Integrity's clients include the NBA, MLB, PGA Tour, SEC, Big 12 and major sportsbooks. Read Sports Illustrated Feature
COMPANY NEWS
CORRALDATA
Gareth Price joins CorralData as its new Chief Technology Officer. Price joins CorralData from the New York Times, where he led the team that built the COVID analytics dashboard that won the Times a Pulitzer Prize. He will lead Corral’s AI innovation and technology strategy through future phases of growth. Read News
COMPANY NEWS
TIRE AGENT
With three-year revenue growth of 628%, Tire Agent ranked #936 of the fastest growing private companies in the U.S. As an online tire and wheel retailer, Tire Agent is disrupting the industry by making tires affordable for everyone. Inc. 5000 also ranked Tire Agent as #65 in consumer products and #73 in New York. Read Press Release
MEMBER SPOTLIGHT
Bruce Kaminstein joined New York Angels in 2020 and he has been a key member for expertise in consumer products and supply chain. As the Founder of Casabella, a global housewares product company which successfully sold to Bradshaw International, he brings in expertise in driving profitability for retail and consumer brands, domestic and international manufacturing, product development and sales. Bruce shares his perspective on why he looks to invest in companies that are making the world a better place, how he helps founders understand supply chain and purchasing in China, and why founders really need to understand whether they need funding or not.
MEMBER PERSPECTIVES
NYA FUND Craig Frischling
While investments are typically made individually by New York Angels members, NYA also has a sidecar fund. These investment opportunities are exclusively available to current NYA members. Most studies suggest that angels with fewer than 10 investments lose money, while those with more than 10 investments make money. The fund also expands the pool of capital for companies with high member appeal. Read more about the NYA Fund
COMMUNITY CONNECTIONS
NYA OFFICE HOURS Fall Office Hours
New York Angels hosted its Fall Office Hours for 20 promising startups. Attendees met with a member of New York Angels for 30 minutes for advice and feedback on their companies, including the factors that they as investors consider important. Attendees also had a chance to meet with attorneys from Goodwin Law for 30 minutes of free legal advising. Apply to join future Office Hours
COMMUNITY CONNECTIONS
LDV CAPITAL Evan Nisselson
Evan Nisselson, Founder & General Partner of LDV Capital, joined NYA for our September Forum to present "Artificial Intelligence and Visual Technology Investment Opportunities." This is the second time Evan has presented to NYA as a VC and previously once as an entrepreneur. Visit LDV Capital's Blog
MEMBER PERSPECTIVES FOUNDERS: ARE YOU LOOKING FOR ADVICE OR MONEY?
New York Angels mission is to help early-stage founders reach scalability through: “Capital, Counsel, and Connections.” However, NYA members recognize that early-stage companies approach our group, primarily for funding and some are wary about being “over-mentored and underfunded.” NYA members share their feedback on best practices working together with founders. Read Article
TECH CRUNCH THE GLOBAL VC MARKET CONTINUES TO STUMBLE
Venture deal volume has fallen every quarter since Q2 2022 across the world, and the trend shows no signs of reversing. Moreover, the third quarter’s decline is quite sharp: Q3 2023 saw 7,434 deals compared to the previous quarter’s 9,563 deals.
Investment Forum (Hybrid):
• November 20th (9:30 AM - 10:30 AM)
October 30th Screening (Hybrid):
• October 30th (9:00 AM - 1:00 PM)
FOUNDER DEADLINES
December 6th Screening Application:
• Due Nov 15th
*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.
