The Central Illinois Angels (CIAngels) has announced another investment in Lumec Control Products, allowing the Peoria start-up company to reach its fundraising goal of $1 million.
This second CIAngels’ investment helped Lumec achieve its “Series A” fundraising investment goal. This funding will allow the company to ramp up production and sales of its IRISvalve products, expand the product line with additional IRISvalve sizes & features, as well as complete the management team.
The CIAngel’s investment in Lumec made March 29, 2012 was over $100,000 and brings the CIAngel’s total investment in the company over $630,000. The Tri-County Venture Capital fund also made a recent investment in Lumec of $100,000.
Lumec’s Chairman and CTO Paul Luebbers says approximately 75% of the capital came from area investors. “CIAngels investors have invested more than just money in our company. They have invested their talent with us by becoming mentors as we grow our company. Without this type of regional support, start-up businesses like Lumec would have a much more difficult time achieving our dreams.”
The remainder of funding for Lumec’s Series A capital came from other organizations in Illinois and Wisconsin. According to Dave Parkinson, CIAngels Board Chairman, CIAngels is part of a worldwide Angel investment network connecting them to investment groups around the globe. “This connection not only creates relationships within the investment arena but it also brings recognition to our region as a place with start-up businesses that are worthy of investing.”
The CIAngels was established in 2009 as a formalized group of accredited investors looking to invest in regional startups and growing businesses. Since its inception, the organization has invested nearly $3 million in these ventures. The vast majority of capital invested has been in businesses in this region. Members have also mentored numerous entrepreneurs, helping nurture their ideas, and building these businesses. CIAngels is member – managed and administratively supported by The Heartland Partnership.