RAIN SOURCE® CAPITAL UNVEILS WEB TOOLS FOR RAIN ANGEL NETWORK

RAIN Angel Network To Use Angelsoft® For Funding Local Entrepreneurs

FEBRUARY 1, 2008, ST. PAUL, MN: RAIN Source® Capital, manager of the country’s largest network of angel funds, announces a collaboration with Angelsoft to manage deal flow and member communication. The RAIN network’s adoption of the Angelsoft® Internet-based platform will make it easy for entrepreneurs to apply for funding and gives the RAIN Funds’ accredited investors a comprehensive set of tools for analyzing new opportunities and collaborating both within and between the local RAIN funds.

RAIN Source Capital’s RAIN Funds provide early stage investments to start-up companies in amounts up to $3 million, with each fund having a specific focus chosen by its members. RAIN funds are currently active in Minnesota, Iowa, North Dakota, South Dakota, Montana, and Idaho, with the network rapidly expanding to other states.

“Collaborating among all of the RAIN funds with the Angelsoft platform will help us continue to grow our network of funds, improve our due diligence and communication, and ultimately fund the best new companies,” said Steven Mercil, President and CEO of RAIN Source Capital. “The RAIN network’s hallmark has always been our proprietary, detailed due diligence process for analyzing new investments, and Angelsoft will go far toward streamlining our collaboration, putting all the necessary information right at the fingertips of all of our investors.”

The Angelsoft platform, which will be used by the RAIN network’s more than 400 investor members, gives entrepreneurs the tools to develop streamlined, one-page descriptions of their businesses for submission to RAIN Fund investors, and then delivers that information over the Internet directly into the RAIN Source Capital deal management system.

Every angel member of every RAIN Fund in the network has instant, secure access to business plans as they arrive. Once in the system, angel investors and fund managers can organize the entire deal flow process from screening all the way through investment and ultimately exits for the businesses in which they invest.

The Angelsoft platform was developed by New York-based Angelsoft LLC with input from RAIN Source Capital and other large angel organizations. “Adding the 19 RAIN funds to the more than 275 angel groups worldwide that are already connected through the Angelsoft platform is a major benefit for everyone,” said David S. Rose, founder and CEO of Angelsoft. “The organizations using Angelsoft comprise the leading angel groups, funds and networks across the globe, and the RAIN funds will now be able to work seamlessly with others of the world’s top angels to bring more smart money into more strong deals.”

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About RAIN Source Capital: RAIN Source Capital (www.rainsourcecapital.com) is a multi-state network of RAIN funds that works with angel investors who are interested in supporting growing companies. RAIN Source helps bring together like-minded angel investors to form individual RAIN funds - and then provides these funds with capital, legal templates, a process for due diligence, management support, access to deal flow and other resources. RAIN funds share expertise, deals and experience between and among RAIN Source Capital’s multi-state network. RAIN funds range in size from seven to 61 members, who have pooled from $500,000 to $2 million, and the network currently has invested more than $25 million in 43 companies.

About Angelsoft: Angelsoft (www.angelsoft.net) is the largest provider of solutions for early-stage investing worldwide. Angel investment groups and networks, venture capital firms, business incubators and entrepreneurs on six continents rely on Angelsoft every day to facilitate deal flow. Its award-winning web-based collaboration tools make it easy for seed-stage investment groups to coordinate and process their deal-flow, all the way from initial contact, screening, and due-diligence and ultimately through funding and beyond. Angelsoft is used by over 275 of the world’s largest angel groups; processes thousands of business plans for entrepreneurs each month; and is the exclusive software provider to European Business Angel Network, the British Business Angels Association, and the Canadian National Angel Organization.

Evan Bartlett :: Feb.01.2008
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