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New group investing hundreds of thousands in local companies - Live5News.com | Charleston, SC | News, Weather, Sports

New group investing hundreds of thousands in local companies

CHARLESTON, SC (WCSC) -

The Lowcountry is getting its own version of Shark Tank minus the cameras and most of the drama.

The show pairs investors with young companies, and the brand new Lowcountry Angel Network aims to do the same thing.

“These are investors who are interested in doing something beneficial for the community, that's meaningful for those companies and also profitable," Josh Silverman, the founder of the new angel network and CEO of finance firm Jericho Advisors.

The company is part of a statewide network of investors that just started a new chapter here.

"More and more over the years I was getting asked, 'Can you look at this', 'Can you take a look at this plan', ‘Can you help me raise money',” Silverman said. “It got to the point where I needed to go beyond a traditional financial service model to find one that was far more responsive to entrepreneurs.

The group is targeting companies that have started already but need a little bit more financial help to really keep growing and plans to invest between $100,000 and $300,000 dollars in each company. While the companies get funding, the investors own a part of them. They're not targeting any specific industry.

"I'm thrilled to see this come to Charleston,” John Osborne, the Director of the Harbor Accelerator said. “Getting more people involved is going to be helpful for the region."

The Harbor Accelerator has helped dozens of small companies get started.

"For most of the companies coming out of the accelerator, they're going to be looking for that seed and angel level round to take them to the next step,” Osborne said. “We've seen a lot of them get funding that have come from individual angel investors so having a more a organized group to help shorten that process is really advantageous. "

Silverman says even companies who don't get funding aren't going home empty handed.

"They're getting a lot of feedback from professionals, people who have a wealth of industry experience and who are looking at project pretty consistently."

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