We are excited to announce our first FG Angels investment in OnTheGo Platforms. Today, OnTheGo announced they have closed a $700,000 financing with $330,000 coming from our FG Angels syndicate.
We are fascinated with Google Glass and the potential for more tightly integrated human computer interaction as a result of technologies like Google Glass. We met the CEO, Ryan Fink, and his partners from OnTheGo six months ago, gave them some feedback, and made some introductions for them.
One of those introductions was Eric Norlin, who runs the Glue and Defrag Conferences. Eric also has an angel fund with our friend Paul Kedrosky called SK Ventures and they did a small convertible note investment in OnTheGo. Eric told us how excited he was about the progress OnTheGo had made in a short time that we re-engaged about the time that we were launching FG Angels.
We decided to make OnTheGo our first FG Angels investment. We committed about 60 days ago and it’s taken us since then to work through all the AngelList process dynamics, legal docs, and Syndicate formation dynamics. Ryan and his team were very patient with us as we kept saying “just hang in there another week.”
Along with our FG Angels syndicate, our friends at Social Leverage also joined in the round. This is how we think angel deals like this should work – lots of small participants who are committed to helping the entrepreneurs.
We have a few more FG Angels investments in the process of closing, after which point we believe we’ll get into a healthy rhythm for 2014 with the goal of having 50 investments done by year end from this syndicate. But for now – and always – OnTheGo Platforms will have a special place in our hearts as our first FG Angels investment.