VelocityTX Becomes Manager of Alliance of Texas Angel Networks
San Antonio—VelocityTX, the recently announced hub for entrepreneurs and startups in San Antonio, is taking over the operation and management duties of the Alliance of Texas Angel Networks, a group that coordinates 14 accredited angel investor networks across the state.
VelocityTX will handle public-facing events and manage other activities for the angel network group, known as ATAN. ATAN hosts monthly meetings for executive directors of the various angel groups, where they discuss the startups they’re considering for investment—opportunities that the other angel groups might be interested in, which results in better deal flow and the ability to fund larger rounds, VelocityTX says. VelocityTX also operates ATAN’s website, while acting as a contact point for people trying to reach ATAN, according to VelocityTX CEO Jorge Varela.
“VelocityTX assuming operations oversight is recognition of our role in the investment community as a connector between the necessary resources for entrepreneurship to flourish,” Varela wrote in an e-mail sent by a spokeswoman.
The Texas Research & Technology Foundation, a bioscience and technology economic development group in San Antonio, announced it was launching VelocityTX in September as a “superhub” for entrepreneurs and startups. The group is focused on bioscience, cybersecurity, and other emerging technologies. It plans to provide capital, mentorship, access to manufacturing facilities, and other resources to startups and early stage companies in town.
Last week, VelocityTX announced another collaboration with a bioscience incubator run by a research university in Valdivia, Chile—its first effort in its “Global Reach” program to identify companies in emerging markets that are interested in placing operations in the U.S. The Chilean incubator, Austral Incuba, is operated by Austral University, a decades-old research institution.
ATAN was first formed in 2012, according to local online publication The Rivard Report, and operates as a nonprofit. ATAN’s member networks, such as the Central Texas Angel Network in Austin, TX, and the San Antonio Angel Network, comprise 632 accredited investors. They provided about $34 million in funding to 174 companies in 2016, according to ATAN’s website.