GLOBAL DEAL SYNDICATION
HBS Alumni Angels syndicates selected deals across the full global membership of its 14 chapters. This enables selected deals from one chapter to reach a global network of accredited investor alumni. This is a unique benefit of being a member in a local HBS Alumni Angel chapter. Investment decisions are made and executed individually following a global webinar. Once investments are made, investors often assist companies in other areas as formal or informal advisers. For details on how the process works, please scroll down.
UPCOMING SYNDICATION CALL
GLOBAL SYNDICATED INVESTMENT PRESENTATION:
January 21, 2021 I 9am PST, 12 pm EST, 5pm London, 6pm Continental Europe
Presenter: Rebecca Kersch, CEO & Founder of TANG App and
Alejandro and Sara Padua, HBS Angels Houston
About this event:
On behalf of the Houston chapter, we would like to share the following investment opportunity:
TANG app is an international peer-to-peer mobile payment app. Think international “Venmo” for the 1.7 billion unbanked globally, starting with the Philippines.
What is the problem?
70% of Filipino adults do not have a bank account, but they have smartphones. In addition, 10 million Filipino migrant workers pay exorbitant fees to send money home. Globally, 1.7 billion are unbanked and relatedly several emerging markets have large migrant populations abroad who pay huge fees to remit cash.
Why is TANG app the solution?
TANG app is the first platform to connect remittances to last mile daily payments under one brand and app. It allows overseas Filipinos to send home phone credit and money cheaply and instantly. The receiver can then use the phone credit or they can use TANG app to pay bills and peer-to-peer.
TANG app has extensive traction since being founded in spring 2019: won 5 grants & had a successful soft launch of the app for phone credit top up, with organic growth. TANG app was a winner in 2020’s Boston MassChallenge, 2020 Harvard President’s Innovation Challenge winner, 2020 Acumen Academy and Rockefeller Foundation grant recipient, 2020 Harvard iLab Social Impact Fellowship Fund recipient, and the founder was awarded the Adrian Cheng Fellowship.
The vision at TANG app is that sending money should be as easy as texting, regardless of where you live, what your income is, and in what currency you earn or spend.
Terms of Current Angel Round
TANG app is seeking to raise $1mm via a convertible note offering, providing financing for a projected 18 month runway. Convertible note features a $5mm valuation cap, 5% simple interest rate, and a 20% conversion discount.
PAST SYNDICATED COMPANIES
HOW IT WORKS
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Ideally, for global syndication a company should meet the following requirements:
Local host chapter members committed to invest at least $50,000* and local chapter forwards deal to global for syndication;
Company assures at least $50,000-100,000 investible capacity;
Company provides at least 2 weeks for due diligence following the webinar, prior to requiring an investment decision;
Minimum individual investment amount is set at $25,000 or less;
The Global Syndication Committee selects the most suitable company candidates from the 15 participating HBSAA chapters and is aiming to host monthly webinars.
*NY and other larger chapters may have a $100,000 min.