NextBillion - An Initiative of the William Davidson Institute at the University of Michigan

Wednesday, May 6, 2015

Chicago-based Impact Engine on Tuesday announced a new angel network as a way to tap into a growing interest in social impact companies among local investors.

The accelerator and investment fund, based at the 1871 tech hub, will bring together people interested in backing early stage for-profit startups dedicated to addressing a social need.

Jessica Droste Yagan ⇒, CEO of Impact Engine, said Impact Engine Angel Network members must be accredited investors and must commit to investing at least $25,000 in a social-impact company within the next two years. Accredited investors are those who have a net worth of more than $1 million or an annual income of more than $200,000.

“There is a rising number of people interested in impact investing,” Yagan said. “We’re building up the impact-investing scene, making it easier for people to participate.”

Among the first 16 members of the network are Mike Evans, co-founder and former chief operating officer of GrubHub; Sonny Garg, chief information and innovation officer of Exelon; and Priya Parrish, chief investment officer of TCS Group, said a news release announcing the network.