New director, partnership to spur local economic development.
ANCHORAGE – The 49th State Angel Fund (49SAF) is a $13.2 million program funded by the US Department of Treasury dedicated to investing capital into local companies, with a goal of generating returns while encouraging local economic development. Mayor Ethan Berkowitz has brought back Joe Morrison, the fund’s original lead staff, to stimulate investment.
“The 49th State Angel Fund was created to accelerate entrepreneurial activity. Joe will jump start our efforts to innovate in Anchorage,” said Mayor Berkowitz.
49SAF has issued a $1.15 million investment recommendation for Launch:Alaska, Alaska’s only startup accelerator. Launch:Alaska will raise a matching amount of private capital to invest in startups working to solve energy challenges.
49SAF uses a volunteer advisory committee to make investment recommendations. A key principle of the program is that for every dollar of public capital invested, a matching dollar of private capital is required. To date more than a dozen businesses have received $1.4 million of 49th State Angel Fund capital, with matching private sector investment of nearly $5 million.
More information regarding the 49th State Angel Fund is available online at www.49saf.com.
Editor’s Note: Myer Hutchinson is the communications director for Anchorage Mayor Ethan Berkowitz.