Performance

Out of 545 investments by Tech Coast Angels through 2023, 263 (48%) are still active.

Of those no longer active:

  • 126 (45%) returned some cash to investors
  • 156 (57%) were total write-downs or seem inactive

Of the 126 Exits

  • 86 returned at least 100% of the investor’s capital
  • 33 returned between 5x and 368x
  • 8  have no info on the multiple returned

At the highest price achieved after IPOs, TCA’s return (assuming equal weighting) has been 5.8x and the IRR has been 23.6%.  Tax benefits from the write-offs are not included in TCA returns.

This analysis of 282 Tech Coast Angels outcomes from 1997-2023 compares favorably to other benchmarks including 132 Central Texas Angel Network outcomes from 2006-2023 and three previous large studies by Professor Rob Wiltbank which also showed IRR’s in a similar range: 27% (2007 study), 22% (2009 Study) and 22% (2016 Study).

Exits & Shutdowns by Year

Exits by Year of Exit

2023

  • DTx Pharma (18x)
  • Trials.ai (1x)
  • Atlazo (<1x)

2022

  • Findox (34x)
  • Annex Cloud (18x)
  • EV Connect (12x)
  • Basepaws (12x)*
  • Vydia (11x)*
  • Covetrus (5x)*
  • iKizmet (3x)*
  • Powur PBC (optional buyout for 2.4x)
  • MOGL (Empyr) (1.1x)
  • Capillary Biomedical
  • BeTheBeast (acquired for cash and equity)
  • Whistle Messaging (acquired for cash and equity)
  • Aclarion (formerly Nocimed) (IPO)

* Exit by Pasadena Angels, now part of TCA

2021

  • Procore Technologies (IPO at 368x)
  • Doctible (8x)
  • VCP (formerly H3 Financial and ExtendCredit.com) (5x)
  • Cognition Therapeutics (IPO at 6x)
  • Discover Echo (4x)
  • Insight Medical (4x)
  • Cognition Therapeutics (3x)
  • Controltec (3x)
  • Habitu8 (2x)
  • Spine Align (2x)
  • Amplyx Pharmaceuticals (1x)
  • Haxiot
  • BeThe Beast

2020

  • Companion Medical (58x)
  • Zenalis IPO (spinout of Kalyra Pharmaceuticals) (16x)
  • Paradigm Diagnostics (1.4x)
  • Axalume (1.3x)
  • MOGL (Empyr) (1.1x)
  • Razberi

2019

  • Leaselock (31x)
  • Parcel Pending (19x)
  • Portfolium (6x)
  • Salarius Pharmaceuticals
    (1.3x)
  • USHR (spinout of Airborne 1/Geodigital)

2018

  • One Stop Systems (IPO 19x)
  • Casestack (16x)
  • Beam Global (Envision Solar) (NASDAQ) (10x)
  • Ondax (2x)
  • Ring Router
  • What Pumpkin Games

2017

  • WeGoLook (8x, 400% IRR)
  • Savara (3.2x, NYSE)
  • Everystory (went public as Dthera Sciences)
  • AnyMeeting
  • MaMoCa

2016

  • Retrosense Therapeutics (6x)
  • Clearcare (3x)
  • GrandPad (optional exit) (@ 45% IRR)
  • Hipmunk
  • HitFix

2015

  • Mindbody (IPO) (264x)
  • CytomX (IPO) (11x)
  • Olive Medical (3x)
  • Thermark (2.2x)
  • CRISI Medical Systems (1.6x)
  • WIspry

2014

  • Truecar (IPO) (75x)
  • Bluebeam Software (20x)
  • Vital Therapies (IPO) (9x)
  • Airsis (6x)
  • Allylix (3x)
  • Hookit (Loop’d Networks) (1.4x)

2013

  • Athea Technologies (6x)
  • LendAmend (3x)
  • Cognition Technologies (2x)
  • Cudasign (formerly Sign Now) (1.2x)
  • Yowza (1x)
  • Cruiser Systems (formerly Park Tours)
  • Agilano

2012

  • Lynx (formerly DriveCam) (12x)
  • WiseWindow (10x)
  • OptionEase (5x)
  • CrowdTorch (formerly LaughStub) (2x)
  • ClimateMinder

2010

  • GreenDot (IPO) (235x)
  • Language Weaver, Inc. (8x)
  • Greenplum (formerly Metapa) (3.3x)
  • Trius Therapeutics (IPO) (3x)
  • Integrien Corporation (2x)
  • SeQual Technologies Inc. (1.3x)

2009

  • DAX Solutions
  • Multistat Inc
  • Teresis Media Management

2008

  • CADFORCE, Inc (1.6x)
  • Dispatch & Tracking Solutions (ETAK)

2007

  • Green Earth Technologies (IPO) (16x)
  • N Spine (5x)
  • Molecular Medicine BioServices (2.6x)
  • Heartland Resource Technologies (2.4x)
  • RealAge (2x)
  • ADVENTRX Pharmaceuticals (aka Biokeys) (1.5x)
  • InnoZen (1.5x)
  • Organic To Go (IPO) (1.3x)
  • ScanlanKemperBard (1.2x)
  • PhatNoise, Inc.

2006

  • Pictage.com (3x)
  • ProcessClaims (2.6x)
  • Cargo Technology (1.6x)
  • eTeam.com

2004

  • Voyager Systems (1.2x)
  • eTronica (1.1x)

2003

  • Q3DM (1.3x)
  • IndX Software Corporation

2002

  • Sandpiper Networks (139x)
  • Gray Scale Technologies

2001

  • Active Network (eTeamz) (IPO) (3x)

2000

  • Pacific Mercantile Bank (IPO) (6x)
  • Stage One Capital
  • Gazellelab
  • BizBuyer.com
  • WholesaleExchange

Outcomes by Years Since Investment

Exit Distribution by Years Since Investment

Cumulative TCA Return over Time