This Monday morning 22 persons, prospective angel investors and accompanying seraphim, met in an ex-IBM conference room at 300 Enterprise Drive at TechCity to discuss creation of a venture capital fund for the mid-Hudson region. Ten tables had been combined into one, and each being celestial and otherwise comfortably occupied an identical leather, metal and plastic chair around the resulting long table. The gathering heard from Dick Frederick and Joe Richardson of the Eastern New York Angels (ENYA), managing partners of an Albany-centered member-managed seed investment fund which had raised $1.4 million four years ago and invested $50,000 to $250,000 in each of seven local early-stage tech firms. According to the Albany Business Review, ENYA has now raised a new round of $2.5 million to invest in four or five new businesses plus those it previously supported. So far, the newspaper said, 22 of the 35 investors in the original round are also on board for the second one.
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