New World Angels jumped out of the gate with its first transaction of 2018. This follows a record year in 2017 when the Boca Raton-based structured angel group made seven investments in seven companies totaling $4.4 million.
The first investment of the year is a $1.3 million investment into Clarke Industrial Engineering’s $10MM Series B Preferred Stock offering. Miami and Rhode Island based Clarke is the manufacturer of the Shuttervalve, which is innovating the $84 billion valve industry with new performance features at lower costs. With this fifth investment in Clarke, NWA has invested over $4.1 million in the company. The Series B round was led by Saudi Aramco Energy Ventures and Chevron-Texaco Technology Ventures.
“We are very pleased that the venture capital arms of industry leaders Saudi Aramco and Chevron also recognize Clarke’s potential in this $84 billion market,” said Steve O’Hara, president of NWA, in a press release. “We remain committed to helping Clarke achieve its lofty goals.”
In 2017, NWA added four new companies and invested in three existing portfolio companies. In Q1, NWA invested a total of $1,487,500 in existing portfolio companies Tao Connect, a Tampa-based online counseling solution for universities and private payers, and Clarke’s A-3 round. In Q2, NWA invested a total of $1,985,000 in RecordGram, a Miami based innovative software solution provider allowing artists and musicians to collaborate on-line to provide greater opportunity to starting performers; Source Molecular, a Miami-based DNA-based water analysis company helping municipalities and utilities test and understand water pollution challenges; and Rewired Solutions, a Sarasota-based human resource solution provider for large employers seeking to identify potential new hires. Also in Q2, NWA invested another $347,500 into its portfolio company Kairos, a Miami-based software as a service human analytics platform. In Q4, NWA funded Switchboard Live with $557,500, an Orlando-based company providing a live broadcast streaming alternative for publishers.
O’Hara said nearly all of NWA’s 65 members participated in at least one due diligence team in 2017. “Our not so secret sauce is our diverse collection of members ranging from doctors to CEOs, lawyers to entrepreneurs, and technology to old school manufacturers, which provides us with a stable of talent we can offer our portfolio entrepreneurs to call on for advice and counsel.”
Since 2014, NWA has invested $14 million in companies that either are based in Florida or have a strong presence in the state. NWA has chapters on both in South Florida and on the state’s west coast.