The Alliance of Angels in the Puget Sound area says 20 startups raised $7 million

The Alliance of Angels, one of the largest networks of individual investors in the Puget Sound area, said 20 local startups this year raised $7 million, even more than in 1999, when the tech bubble was at its peak and the alliance was at its busiest.

The alliance, which has about 100 members, meets monthly to evaluate business plans from three Northwest companies. Members then decide individually or in groups whether to invest.

"The most promising thing to me is the number of different companies that got funded," said alliance chairman Dan Rosen, a venture capitalist at Frazier Technology Ventures in Seattle.

He said about half of the young, often unproven companies that made pitches to the group got funding. "You don’t expect more than 25 or 30 percent," he said.

"It’s a testament that there’s better entrepreneurs and better companies and better angels more willing to make investments."

By Tricia Duryee

Seattle Times technology reporter

Full Story: http://seattletimes.nwsource.com/html/businesstechnology/2002698087_angels22.html