Cincy Inno reports that Queen City Angels has raised the biggest fund in the organization’s 22-year history. According to the article (subscription required), the new fund at $23 million is double the size of its previous biggest fund that was completed in 2019 at $10.2 million, nearly matches the amount the group had raised since its 2000 founding, and is about twice as big as the group originally set out to raise in 2019. That goal was $10 to $12 million, but established pre-COVID.
“It was a black swan event that we were able to turn into lemonade,” Tony Shipley, Queen City Angels Chairman and a University of Tennessee, Knoxville alumnus, was quoted as saying in the Cincy Inno article. “We were able to get more investors, fund more companies and have more money to invest in these companies than we initially planned.”