Waterloo-based angel investor network Archangel has announced its first close of $10 million CAD.
The Archangel Network of Funds consists of a group of funds founded by a collection of Canadian “superangels” and venture capitalists from the Toronto-Waterloo corridor. Archangel currently serves as the shared back office for three angel funds: Adrenaline, Axion and StarForge each of which has a different thesis and set of general and limited partners. Collectively, these three funds have raised $10 million.
Archangel was initially launched last April in response to COVID-19.
Archangel aims to invest in early-stage high-growth Canadian tech startups “across a wide range of sectors,” with a particular focus on artificial intelligence (AI), smart manufacturing, cleantech, and health sciences.