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Seraphim Fund I raises nearly $3MM

for early-stage investments in So. California


“Index-style” fund offers compelling criteria for investors seeking diversification


IRVINE, April 13, 2004 – Seraphim Fund I, LLC, a first-of-its-kind investment fund developed to fill the niche between venture capital and angel investments, has raised nearly $3-million for investments in early-stage companies located in Southern California, the fund’s managers announced today.

Seraphim Fund I is an “index-style fund,” which makes it unique in the early-stage asset class and compelling to investors, said Ben Barak of Seraphim Management, LLC, which will manage the fund.  Rather than relying on the expertise of fund managers, the Seraphim Fund will invest based on specific, objective criteria which prospective portfolio companies must meet to receive an investment from Seraphim.

          Seraphim Fund I closed March 31 with committed investments of $2.93-million from accredited investors, many of whom are Tech Coast Angel (TCA) members. The fund will invest alongside TCA, the dominant source of early-stage funding and guidance for successful emerging companies in Southern California


          In order to meet the objective criteria, prospective portfolio companies must have received a minimum investment of $350,000 from TCA members, 10 individual TCA members must have made investments in the company in the investment round, and a TCA member must have a seat or observation rights on the company’s board.

“This is an idea that is very compelling for many individual investors as it enables them to diversify their early-stage investments by piggy-backing on the collective knowledge of other experienced investors,” said Barak, who co-manages the fund along with Andrea Sloan Pink and John Kensey, all members of the TCA Executive Committee.

“The Seraphim Fund investment strategy clearly struck a chord with investors.  This was reflected in the response to our fund-raising efforts,” Barak said. “We exceeded our initial expectations by 100 percent and our fund minimum by nearly twice that.”


Home-grown idea”

Sloan Pink called the Seraphim fund a “home-grown idea” that germinated from the collective experience of the three managers. To develop the investment criteria, Sloan Pink, Kensey and Barak analyzed TCA deals over the past six years and tempered that data with their own experience, gleaned from their combined 35 years of angel investing.

“We first researched this idea in 2002 and discovered that angel investors needed a powerful way to diversify their early-stage portfolios.  This fund meets that need and provides investors with access to an asset class that is otherwise very difficult and time consuming to reach,” Sloan Pink said.

By aligning itself closely with TCA, Seraphim Fund I takes advantage of TCA’s rigorous due diligence processes for potential investments. It enables an investor to participate in the unique asset class of start-up companies while being diversified across industry type, she added.  “An investor in Seraphim Fund will be invested in about 20 companies from different industries spread across Los Angeles, Orange and San Diego counties.  It’s much more than one person could ever do on their own,” Sloan Pink said.


Southern California focus … for now

The Seraphim family of funds, through its Fund I initially will focus on investments in Southern California, but is not limited geographically for investments by investors. Investors must contribute a minimum of $50,000, but cannot invest more than $125,000. Twenty-five percent of the investment is due initially and the balance is collected in three capital calls over the next 18 months.  Seraphim Management, LLC intends to open Seraphim Fund II more broadly to accredited investors outside of Southern California, Kensey said.

Kensey said an investment from Seraphim Fund I will be a significant part of the investment round, up to about twenty five percent of the amount raised.  He said that while venture capital companies affiliated with TCA will not be involved in these initial investments, they will be notified of the investments and may participate in future funding.


About Seraphim Management, LLC

Founded in 2004 by Ben Barak, Andrea Sloan Pink and John Kensey, Seraphim Management LLC is a venture fund management company which currently manages Seraphim Fund I, an early stage venture fund of nearly $3 million dollars that invests in technology companies in Southern California. (www.


About Tech Coast Angels

Tech Coast Angels (TCA) ( is a network of individual angel investors who, collectively, are the dominant source of early-stage funding and guidance for successful emerging companies in Southern California. TCA members have personally invested more than $49 million in 74 companies since the group’s founding in 1997. Those 74 companies have received $499 million in additional funding from other investors in both initial and follow-on rounds.

One of the largest and most active angel groups in the country, TCA’s membership is comprised of more than 200 individual angel investors linked through networks in Los Angeles, Orange County and San Diego. TCA members invest as individuals, but work together in a highly structured manner to source promising investment opportunities, conduct due diligence and mentor companies in Southern California.

Media Contact:

Angie Frazier

The Silver Company for Tech Coast Angels




Seraphim Contact:


Ben Barak

Seraphim Management, LLC