Texas Halo Fund I, an early stage investment fund sponsored by the Houston Angel Network, announced the acquisition of one of its portfolio companies this week.
Quad Technologies was acquired by Bio-Techne, Inc (TECH – Nasdaq), a company with empowering technology for scientists and clinicians in the Life Science sector. Quad’s innovative QuickgelTM technology makes harvesting and multiplication of specific types of white blood cells from whole blood much more effective and less expensive. The result is significantly enhanced blood processing for the burgeoning field of cancer immunotherapy. Bio-Techne’s substantial resources will enable rapid market deployment of Quad’s innovative technology.
The Fund initially discovered Quad during competition judging at the 2013 Rice University Business Plan Competition, the world’s largest and most lucrative student startup competition. In 2014 the Fund led Quad’s initial funding round working with members of the Harvard Business School Alumni Angels. That initial investment was followed by two additional investment rounds as Quad achieved technical and marketing targets successfully. Upon completion of the merger, investment in Quad will return an initial cash payment of several times invested capital to investors in Texas Halo Fund I, with the potential for addition payments in the form of earn outs during a four-year period. The earn outs have the potential to increase Fund members’ total return to well above typical venture capital returns..
Texas Halo Fund I is enthusiastic that its 15 remaining portfolio investments are forecasted to ultimately deliver a total return of a significant multiple of members’ invested capital – all while supporting Houston’s start up eco-system as championed by HX, Houston Exponential.
Created in 2012 as an initiative of the Houston Angel Network (HAN), the Texas Halo Fund Series is designed to give members of HAN and other angel investors the ability to quickly build a diversified portfolio of startup deals. While Angel deals are characterized by both high risk and high potential return, a portfolio approach, experience, active involvement, and investment sector expertise all serve to reduce total risk to Fund investors.