Boston Harbor Angels members are early investors in Carbonite (NASDAQ:CARB), which had a successful IPO in August 2011. Our members participated in three rounds of financing for the company. “If we were in a niche market where $50 or $100 million in revenue would be viewed as a real homerun, then I think you could be a candidate for sale,” said Friend, who believes over the next few years the online backup market will be divided up among a handful of companies and he wants to make sure Carbonite is top of the heap. “This is clearly a market opportunity that’s larger than anything I’ve had in my career.” Read more
Boston Harbor Angels has a very exciting announcement. “Merck Purchases Smart Cells for $500 Million.” Jim Herriman, VP of Operations at SmartCells and a BHA member has given an overview of the company's most recent activities at the December BHA Investors' meeting. Read more
I’m proud to say that Boston Harbor Angels members were the lead investors in the first round and many continued to invest, along with members of other angel groups, in subsequent rounds. The headline number includes the upfront payment and SmartInsulin product development milestones. While the upfront amount has not been publicly disclosed, I can confirm that it alone gives investors a multiple on their investment.
The headline number does not include payments based on sales of glucose-sensitive insulins by Merck, which if the product gets to market, would dwarf the headline number."
We want to thank Boston Harbor Angels member Jay Schwartz for first bringing us the deal, Henry Kay for leading the diligence and serving as a Board member and Jim Herriman, VP of Operations at SmartCells, who was a member when we invested. Jim took a leave from our group when Smart Cells made more vigorous demands on his time.
This is wonderful news for all angels and angel groups in New England. Perhaps the most interesting fact is that, while this was as 9 figure sale to a large pharma, no V.C. funding was involved, although V.C. Managing General Partners did invest individually.
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