Cherrystone looking to expand investor group

JENNIFER SCHWALL Rousseau is the executive director of Cherrystone Angel Group, an angel investment group based in Rhode Island. She said the group is looking to expand its group of investors.  / COURTESY CHERRYSTONE ANGEL GROUP
JENNIFER SCHWALL Rousseau is the executive director of Cherrystone Angel Group, an angel investment group based in Rhode Island. She said the group is looking to expand its group of investors. / COURTESY CHERRYSTONE ANGEL GROUP

PROVIDENCE – Cherrystone Angel Group, the state’s first angel investment group, is looking to expand its group of investors.
The group, founded in 2004, presently has an informal cap of around 65 members, but would like to expand that amount in the next year. Jennifer Schwall Rousseau, Cherrystone executive director, says the group has seen greater deal flow and a larger pool of investors would potentially bring a larger pool of capital to the table when negotiating with companies.
“With more members, we feel we can invest in more deals as well as bring larger amounts of capital to the deals we are currently investing in,” she told Providence Business News Tuesday.
Cherrystone has invested more than $20 million across 25 companies in several industries, including technology, medical device, pharmaceutical and chemical. This year, the group has committed nearly $1 million in existing portfolios, including BoardOnTrack, Respiratory Motion and two Rhode Island-based companies: NuLabel Technologies and Luna Pharmaceuticals, known better as Premama. The group anticipates the recent rounds will go toward creating more than 10 jobs in the next year.
“As we see an increase in the quality deal flow throughout the New England region, we would welcome more individuals to participate with us in this exciting, face-paced venture community,” Rousseau continued.
The investing group’s members meet monthly to hear pitches from prospective companies. About 90 percent of the investors are Rhode Island residents, but Rousseau says they’re looking for members from throughout the New England area. The group has not set any formal cap on how large it is looking to grow.
“It is currently a moving target and will be reassessed at various intervals as we grow membership,” she added.

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