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Queen City Angels’ chairman testifies before Congress on angel investing

Queen City Angels’ Chairman Tony Shipley testified before a House subcommittee last week on the value angel investing brings to the U.S. economy. Shipley represented the Angel Capital Association in making his statement to the House Committee on Small Business Subcommittee on Economic Growth, Tax and Capital Access, according to a statement from Cincinnati-based Queen […]

Queen City Angels’ Chairman Tony Shipley testified before a House subcommittee last week on the value angel investing brings to the U.S. economy.

Shipley represented the Angel Capital Association in making his statement to the House Committee on Small Business Subcommittee on Economic Growth, Tax and Capital Access, according to a statement from Cincinnati-based Queen City Angels (QCA).

“It used to be that angel investors would make one or two investments before venture capitalists would invest in a series A round,” Shipley told the subcommittee. “Now angel groups sometimes need to make four or five rounds of investment before the entrepreneurial businesses are ‘VC ready.'”

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Shipley shared a few recommendations with lawmakers on improving the environment for startups, including establishing tax credits for angel investors and developing new education programs for entrepreneurs and investors.

QCA’s healthcare portfolio companies include pharmaceuticals company Akebia Therapeutics, personalized medicine test-maker AssureRx, and medical device companies Neuros Medical and Minimally Invasive Devices — all of which are located in Ohio.

The angel group is looking to raise $6 million for its fourth fund, which it hopes to close in the next few months.