Starting a business? Utah investment group mentors while funding
A new venture capital firm launched today in Utah is aiming to help small businesses and start-ups by providing consulting services and angel investments as large as $2 million.
REES Capital, a “mentor capital” firm, will offer leadership training, product market assessment, organizational structuring and other mentoring services, according to a statement from the company.
“I think there is better entrepreneurship in Utah than anywhere else,” said Amy Rees Anderson, former CEO of MediConnect Global and founder of REES Capital.
The gap between start-ups and major companies in Utah can be bridged if seasoned veterans take the time to help others, Anderson said.
The firm will also offer angel investing along with its mentoring. Investments range from $25,000 to $2 million for an individual company.
Investments will come from individual partners rather than one central fund.
Anderson says REES Capital may eventually form into a venture fund, but initially investments will all be angel.
“The hard part is, once you formulize into a fund where you are raising capital from people to invest their money as well, you’re working more for the limited partners rather than the entrepreneurs,” Anderson said. “We are in a position right now where we can just invest our own personal wealth and keep the focus on the entrepreneurs.”
Anderson left her position as CEO of medical record retrieval company MediConnect to start REES Capital after being with the company for nine years.
“Amy is a proven leader with undeniable vision, perspective and business savvy,” Alan Hall, founder and chairman of Utah-based venture capital firm MarketStar, said in a statement.
Though she would like to retire, she’s finding it difficult as an entrepreneur still working late nights in the office, Anderson said.
“This is a retirement in a way, in the sense that I’m giving back,” Anderson said. “I don’t know if I will ever be able to describe it as a retirement. But it’s now focusing my full time and attention to the things I want to focus on.”
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