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Orange County's Tech Coast Angels have wrapped up their 10th deal, investing $600,000 of a $1.5 million round of angel funding for Wazzu.net, a Fountain Valley e-commerce business.
The Angels are a group of 90 former tech executives,entrepreneurs,venture capitalists and other investors who provide money for start-ups in exchange for partial ownership of the company. The group is led by President Luis Villalobos, who formed the Angels after leading an Orange County Business Council taskforce on capital formation. The Angels have in 13 months invested $li million in the 10 companies, including additional financing for two of the firms to bridge them to their first round of venture capital. The $6 million figure far exceeds what had been the group's goal of investing $3.5 million in the first year.
In the 12 deals, $13.6 million has been raised in total, with the $7.6 million balance coming primarily from friends and contacts of the Tech Coast Angels. Villalobos said the Angels plan to fund at least $8 million in '99.
Besides Villalobos, other members of the Tech Coast Angels include John Taussig, head of TRW's unit that was spun out as Experian and then sold; Dennis Morin, founder and CEO of Wonderware Software; Roger Davisson, partner of Brentwood,...