PROVIDENCE – Cherrystone Angel Group announced Tuesday its $310,000 investment in Finale Dessert Co., a Boston-area chain that sells high-end sweets.
Finale is the first non-Rhode Island company to gain funding from the Providence investment group, which has made three other investments since it was formed in 2004.
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In a statement, Cherrystone member Henry Kates said that the group invested in six-year-old dessert company because it focuses on a market that has no direct competitors, it uses a central commissary and its stores are profitable.
Cherrystone’s investment completed a $1.5 million round of venture capital for the dessert chain, which has two stores in Cambridge and Boston, said Paul Conforti, president and co-founder of Finale, in a statement. With the new capital, he added, the company plans to open a third location in Brookline, Mass., this summer.
According to the co-founder, the company is considering sites in Connecticut, Massachusetts and Rhode Island for a fourth location.
