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VelocityTX to manage the Alliance of Texas Angel Networks
October 17, 2017

By Samantha Ehlinger, Staff Writer, San Antonio Express-News

San Antonio’s new innovation superhub VelocityTX will manage the Alliance of Texas Angel Networks, according to a Wednesday announcement.

Jointly announced by VelocityTX CEO Jorge Varela and ATAN Executive Board member Jaime Rhodes, the news follows other recent announcements around the new Texas Research & Technology Foundation subsidiary VelocityTX, which executives say will be a hub for emerging technology investment and entrepreneurship support.

“VelocityTX is excited to serve as administrators of ATAN and we will continue to provide services in keeping with the vision of the original founders including Jamie Rhodes, Chuck McCoy, and others,” Varela said in the announcement.

Varela announced last week VelocityTX has tentative agreements to work with six “significant” business development centers in Chile, Brazil, Costa Rica, Argentina, Peru and India. The organization will be housed in a portion of the Merchants Ice complex just east of downtown, which the Texas Research & Technology Foundation purchased through its subsidiary Merchants Ice LLC.

ATAN, a non-profit, is a loosely organized group of 14 individual angel investor organizations across Texas. Members of the alliance invested $34 million in 2016 and funded 174 companies, according to the release.

“VelocityTX assuming operations oversight is recognition of our role in the investment community as a connector between the necessary resources for entrepreneurship to flourish,” Varela said via email.

He said via email that executive directors of angel networks in the alliance come together on a monthly basis to “share investment opportunities, provide information on what investment activities are happening in each area and to share best practices.”

Varela was already a member of the alliance’s executive board.

“ATAN has been a great contributor to Texas being recognized as one of the top states in the US for angel investments,” Varela said in the announcement. “The syndication of investments that happens through ATAN brings better deal flow to all investors in Texas while at the same time contributing to economic development in Texas.”

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