Investing in Early-Stage

High-Growth Tech Businesses

Learn More

Monthly Investor Meetings

Meeting Potential Investment Opportunities

Learn More

NYC Area Focused Fund

But we'll look from PA to MA

Learn More

Investing $50K-$250K

Committed Fund with sidecar investments

Learn More

ARC Angel Fund invests in seed- and early-stage companies with high growth potential. ARC Angel Fund invests in industries with which its members have experience, with investments averaging $50,000 to $250,000, each, over the life of the investment.

ARC Angel Fund is a member-led Angel Fund. An Angel Fund is, in essence, a hybrid model between an Angel Group and a Venture Fund. The members of ARC Angel Fund range from experienced Angel Investors and Partners in VC Funds, to executives of successful companies.

Our members bring their own expertise to the table and can actively participate as much as they like in the Fund's investment decisions, and can personally invest alongside the fund.

Sector Focus

Software, IT, Internet, Tech-Enabled Services, Business Services, Digital Media, Mobile, Healthcare IT, and others


The Fund has a primary focus towards NYC and the surrounding Northeast and Mid-Atlantic area companies.


We invest in early-stage companies with a product and some revenue and valuations under $5M.

Our Process

Unlike a standard Venture fund, the GP is owned by the investors.

General Membership makes the Investment decisions. Committees are set up to handle the business of the Fund. An Executive Committee is comprised of volunteer members of the General Partner and provides oversight of the ARC Fund.


Investment opportunities are brought to the ARC Fund from members, affiliated organizations, fund managers and other institutions. Deals may also be submitted through our website here. Submitting companies MUST submit a PowerPoint and Financials with their executive summary.


The Evaluation Committee members will review investment opportunities, and if the Evaluation Committee elects to have a company present to the Members of the General Partner, it will be responsible for preparing such company to present, along with the founding team.

Due Diligence:

A Due Diligence Committee will be set up for each company approved by the General Partner for due diligence. Each Due Diligence Committee will make a recommendation, and pending a vote to invest by the members of the General Partner, will prepare a term sheet and negotiate the terms of investment.


Following an investment, a Monitoring Committee will be set up for each portfolio company, often including members of the Due Diligence Committee, to work with the portfolio company and report on the company at monthly meetings of the General Partner. The committee will be responsible for keeping the ARC Fund apprised of a portfolio company’s material developments, including management changes, subsequent rounds of venture investments and the company's business milestones.

Our Portfolio
uptown network

Uptown Network

As opposed to simply providing an iPad Wine List, Uptown Network connects SMART Menu Services to create a network effect. Our current customers are averaging more than a 30% increase in wine sales


Successful entrepreneur who has founded four companies, including Uptown Network. Uptown Network combines technology and restaurant experience with a mission to replace all paper menus with digital menus. Very soon, society will look back at paper menus the same way we now look back at hand-written checks.

Self-taught chef and creative marketer who, with his wife Nadine, transformed the original Naples Tomato restaurant from a mom-and-pop operation to one of the country's best restaurants. Voted best restaurant in Southwest Florida by Gulfshore Life Magazine, Top 1500 Restaurants in the Country by Zagat, Naples Tomato served 100,000 guests a year. Previously founded and led two software companies: Bowstreet, Inc. (acquired by IBM); and Preferred Systems, Inc. (acquired by Computer Associates). Early board member at Nielsen / Netratings, the Nielsen of the web (IPO). Software technology expert, popular speaker, and consultant on product reinvention for Infinite Growth Group for clients such as Nestle/Stouffers and Coca-Cola/Odwalla.



An adhesive and printer hardware tech company that helps companies cut cost & reduce waste with a patent-pending, liner-free label that uses an activatable adhesive to eliminate the need for the liner.


As President, I try to make everyone's job easier. I develop NuLabel's strategic and tactical plan, oversee the business and technological development teams and serve as the public face of the company to customers and investors.



Discover the people behind the counts. We have identified over 600 million social profiles and their characteristics, as defined by over 30,000 demographic and lifestyle variables. Know, segment, and target your social audience as never before.


Michael Hussey is the founder and CEO of StatSocial. Previously, he founded the people search company PeekYou (2006), building it into one of the top-250 sites in the US. Before that, he created RateMyTeachers and RateMyProfessors (2001), which to this day, nearly every college student still uses. A native Mainer, he graduated from the University of Maine in 2000 with a degree in Financial Economics and today lives in New York City with his wife and two children.



Medivo is focused on bringing personalized medicine into practice in the areas of preventive and therapeutic care. Co-Investors include Safeguard Scientific.


Sundeep is a serial entrepreneur and interested in changing the world for the better.

Sundeep is currently the CEO of Medivo, Inc. Sundeep has over 15 years of leadership experience with building teams, developing talent, and successfully growing, managing and selling businesses in healthcare marketing and technology. Previously, as the CEO and co-founder of Medsite, Inc. he established the company as a leader in online pharmaceutical marketing and services by building an extensive online community of health care professionals, including over 400,000 US physicians. He secured financing from a range of blue chip investors, including JP Morgan Partners, Morgan Stanley, Bain, and Reuters. After the sale of Medsite to WebMD in the fall of 2006, he worked on integration, new product development, and corporate strategy.

Sundeep received his B.A. in Communications from the Annenberg School of Communications at the University of Pennsylvania, with a concentration in business from the Wharton School. Sundeep was recognized as the ‘Top 5 Under 35’ by the Asian Indian Chambers of Commerce. He was a finalist for the Ernst & Young 2005, 2003 and 2000 "Entrepreneur of the Year" award. The Asian American Business Development Center recognized him as an ‘Outstanding 50 Asian Americans in Business’ in 2004. Sundeep has been featured in major publications and has been a keynote speaker at numerous conferences and has served as a guest lecturer for the Goergen Entrepreneurial Management Program at the Wharton School. Sundeep also currently serves on the Leadership Council of CASI (The Center for Advanced Studies of India) at the University of Pennsylvania.



Careerminds provides strategic solutions to organizations seeking affordable, Web-based outplacement services. The Round was led by Innovation Venture Partners & Gabriel Venture Partners.


In 2008 I launched Careerminds as a virtual outplacement company. I bring over 18 years human resource leadership, career consulting, and outplacement experience to Careerminds. The concept of virtual outplacement was developed after experiencing years of traditional outplacement in a variety of HR roles. Over my career, I've planned and executed several large scale layoffs and have many years of traditional brick and mortar outplacement services.

When we started the company in 2008, we had one goal in mind: to create an outplacement program that was forward thinking and to reduce the stress employees face during career transition. This includes developing a robust and relevant technology that accelerates the transition process, creating personalized and customized programs by job function and industry, and hiring the best career consultants who support displaced employees every step of the way.



Sidecar is a fully automated online marketing platform that efficiently acquires, converts and retains customers for online retailers. Other Funds include Innovation Venture Partners & Osage Venture Partners.


Sidecar is a leader in automated e-commerce marketing, powering paid search, comparison shopping engine advertising, on-site product recommendations, and email re-targeting for retailers ranging from $5M to $4B in annual online revenue, including Top 25 retailers in the US.

Prior to Sidecar, Andre was the CEO and Founder of Snipi, Inc. a patented system for people to save their interests while browsing anywhere online. Snipi was featured on the front page of the Wall Street Journal and established partnerships with the world’s leading retail and entertainment brands.

Prior to Snipi, Golsorkhi was the President and Founder of Omeda Design + Technology, which offered design and web application services. From its origins in 2003, Omeda's client roster grew to include Fortune 500 and similarly substantial entities such as IMAX Corporation, Boyd Gaming, and other private and public organizations.

Prior to founding Omeda and while still in college, Golsorkhi recognized the growing interest in portable physician scheduling and billing solutions and, developed MediLync—a proprietary, handheld patient scheduling and billing solution housed in PDAs. At the time, MediLync became the most widely used mobile solution among physician's in small physician practices. The MediLync technology was acquired in 2004.



YieldMo is a mobile advertising startup based in New York City. We are a small and dedicated team of engineers and entrepreneurs who value constant improvement, working with smart people, and solving difficult problems.


Investor in 100+ Internet companies such as: Klout, 500px, Meetup, Flurry, TechStars NY, Hashable, Yipit, Tapad, ThinkNear (acquired by TeleNav), Aristotle Circle, Artspace, Streeteasy (Advisor, acquired by Zillow), Voxy and many more!

Building one of the worlds great mobile services and always looking to hire great adtech people!

Built and sold Quigo to AOL for $340M in 2007.



Uses a combination of technology and a multilingual call center to guide workers through the enrollment process in Medicaid with full reporting to the employer, saving companies time and money.


Ben is an experienced entrepreneur, healthcare policy expert, and member of New York Governor Cuomo’s Health Benefit Exchange Regional Advisory Committee. Before founding BeneStream, Ben was the founder and managing principal of Hudson TG, a policy and political consulting firm, which under his leadership more than doubled in size and revenue in five years. Ben also was an antitrust litigator at Kaye Scholer LLP and Schulte Roth & Zabel LLP. He earned his JD from Fordham Law School.



An innovative solution for high-speed, low-impact, transparent migration of LUNs from any legacy SAN to any new Fibre Channel, iSCSI, or Cloud storage. Deploy with ZERO downtime and NO changes, then cut over to new storage in just a few minutes.

CirrusData CEO: Wayne Lam

Wayne has over 25 years of experience in the enterprise storage industry, and has demonstrated an exceptional ability to bring new technologies to market. Wayne was a co-founder of FalconStor Software and was largely responsible for most of its successful storage products. In his career Wayne has founded and co-founded multiple high tech companies, and has led them to successful conclusion. The products created by these companies have been licensed by many storage OEMs throughout the world. With experience in every aspect of the product life-cycle, Wayne has a proven track record of conceiving product ideas by engaging enterprise customers to determine their needs, and then quickly creating start-up companies to bring the ideas to market. With his vast technical expertise and keen business acumen, Wayne is able to communicate effectively to enterprise customers and partners how the products and technologies benefit real life enterprise storage applications. Wayne received a BE in Electrical Engineering from Cooper Union College, 1986. While still in Cooper Union, Wayne started his first company in electronic document imaging and optical storage systems.

bow and drape

Bow and Drape

The first platform for women's custom fashion. It allows individuals to choose from a curated collection of apparel & accessories and modify color, fabric, hemlines, and other embellishments using their proprietary tech to create one of a kind items.

Bow and Drape - CEO Aubrie Pagano

I studied History & Literature in college, focusing part of my studies on early 20th century consumer culture. Then, as all Harvard humanities majors do, took the leap into business. I focused on strategy and management consulting, learning the ins and outs of one of the world's largest international finance firms and applying that training in the retail industry, moonlighting as a Strategic Planner for indi deisgners on nights and weekends. I also sewed my friends "party pants".

I then pursued my dream and became an entrepreneur - and not just because it was the trendy thing to do - because I believed that I could help women find more individuality in their fashion. Individuality, to me, is the future of retail.



MoviePass employs location-based technologies to allow individuals to watch movies at local theaters for a fixed monthly price.

Moviepass - CEO Stacy Spikes

Spikes' career began in 1986 at Motown Records, where he was the product manager for Boyz II Men, Stevie Wonder, Spike Lee, Queen Latifah, and Eddie Murphy. In 1990, Spikes joined Sony Music Entertainment and worked on feature film soundtracks for movies including Jungle Fever, Bad Boys, House Party, House Party 2, Prêt-à-Porter and Darnell Martin's I Like It Like That. In 1994, Spikes became Vice President of Marketing at Miramax Films. At Miramax, Spikes led marketing campaigns for films including Trainspotting, The Crow: City of Angels, Don't Be a Menace, Emma and Scream. From 1996-97, Spikes was Senior Vice President of Marketing at October Films.

Spikes launched MoviePass, in February 2011 along with co-founder Hamet Watt. In October 2012, the company introduced a new evolution of their business model that uses proprietary location-based payment technology, and provides a secure and independent way for MoviePass members to purchase tickets.

Spikes founded the Urbanworld Film Festival in 1997. The festival is held annually in New York City.



Take the headache out of searching for replacement parts with Partpic - simplifies the search and purchase of replacement parts using visual recognition technology.

Partpic - CEO Jewel Burks

An experienced sales and marketing professional, Jewel Burks leads the Partpic team as CEO. Since its founding in August 2013, Jewel has been responsible for building a team, goal setting and execution and fundraising. Prior to founding Partpic, Jewel worked in Enterprise Sales at Google and in Sales Management at McMaster- Carr Industrial Supply. Jewel graduated from Howard University and is from Nashville, Tennessee.


Founding Partners:
David Freschman
Michael Kelley
Edward Reitler
Joe Rubin

Executive Committee:
Joseph R. Saviano
Sridhar Chityala
Kevin Pianko
John Ferretti
Steve Madsen
Kumar S. Sripadam
Raymond Sobieski

Evaluation Committee Co-Chairman
Jeffrey Finkle

Sourcing Committee Co-Chairman
Tom Nicholson

Steve Adler : Financial Summit Ventures
Manish Aggarwal : Gold Ridge Asset Management
Jonathan Anapol : Prime Manhattan Realty
David Atadan : Angel Investor
Martin Babinec : UVC / StartFast Accelerator
Kevin Balfe : Mercury Radio Arts, Inc
Marshall Bartlett : Reitler Kailas & Rosenblatt LLC
Michael Beller : Lightship Partners
Sandeep Bhanote : Angel Investor
Steve Brotman : Angel Investor
Bernie Chen : Underhill Capital Advisors
Charles Chesler : Old Rock Ventures, LLC
Sridhar Chityala : Vedas Group
Shreyas Chityala : Vedas Group
Brian Colton : Angel Investor
Dan Coates : Cordelay Holdings
Robert Delman : Golden Seeds
Mike Della Penna : Angel Investor
Michael Derikrava : Wild World Investments

Elijah Duckworth-Schachter : Point One Percent
David Dussault : Angel Investor
Richard Ellenson : Angel Investor
Jonah Engler : Angel Investor
Adam Epstein : Credit Suisse
Donald Ershow : Angel Investor
Brad Feld : Foundry Group
John Ferretti : Foxfire Printing & Packaging, Inc.
Jeff Finkle : Odeon Capital
Ruth Fisher : Pereg Holdings
Patrick Foley, Ph.D : Innovation Capital Advisors
Edward EF. Foy : eFashionSolutions
Don Franceschini : Angel Investor
David Freschman : Innovation Capital Advisors, LLC
Robin Freschman : FashInvest
Frank Garland : Angel Investor
Eric Gelb : Angel Investor
Marc Glazer : Business Financial Services, Inc.
Brian Gold : Angel Investor
Edwin Goodman : Milestone Venture Partners
Jeff Guberman : Fourth Wall Events
Bill Harding : Financial Summit Ventures
Michael Herzberg : Roseworth Capital
David Hill : Angel Investor
Brian Hirsch : Tribeca Venture Partners
Ken Huynh : Angel Investor
Nick Jekogian : Signature Community
Leo G. Kailas : Reitler Kailas & Rosenblatt LLC
Merle Duskin Kailas : MK Productions Inc.
Lawrence Kaplan : 24th Letter
Jackie Karceski : Dearborn Investments, LLC
Michael Kelley : Formation Capital, Inc.
Chris Kelly : Piece of Mind Corp
Michael Knox : Gold Ridge Asset Management
Sergei Kovalenko : iTechArt Group
Peter Kranes : Bowery Partners
Rick Kushel : Angel Investor
Frederick Light : Foxfire Printing & Packaging, Inc.
Ross Lipson : Angel Investor
Stephen Madsen : Angel Investor

Bernard Mantha : Angel Investor
Alan McGlade : DEV
Ed McLaughlin : Angel Investor
Eileen McNamara-Raisch : Angel Investor
Arsen Mrakovcic : Larchmont Capital
David Neveloff : Angel Investor
Jim Nichols : Shorefront Capital Partners LLC
Tom Nicholson : Nicholson | NY LLC
Gordon Ogden, CRE : Byrnam Wood, LLC
Thomas P. Ogden : Davis Polk & Wardwell LLP
Stephen Pelletier : SPELLNET
Luis Perez : Parenting Bridge
Scott Peters : JEGI
Kevin M. Pianko : Weiser LLP
Edward Reitler : Reitler Kailas & Rosenblatt LLC
Peter Rothberg : Reitler Kailas & Rosenblatt LLC
Joe Rubin : FundingPost
Shioulin Sam : Angel Investor
Robert Saunders : Angel Investor
Joseph Saviano : Baker Capital
Bharat Sawhney : Angel Investor
Harris Schwartz : Angel Investor
Howie Schwartz : Angel Investor
Richard Sheldon : Angel Investor
Jeff Silverman : Laconia Capital
Steve Sinek : Dearborn Investments, LLC
Vamsi Sistla : Angel Investor
Brett Smith : Propeller Investments LLC
Leeana A. Smith-Ryland : CS Wilton Group LLC
Raymond Sobieski : R2 LLC
Kumar S. Sripadam : Angel Investor
Christine Tate : Angel Investor
Tracy Tomasso : Cordelay Holdings
Thomas Volker : Angel Investor
John Watkins : Reitler Kailas & Rosenblatt LLC
Peter Weiss : Angel Investor
Jamie Weston : Angel Investor
Michael Yang : Angel Investor
Joseph M. Zawadzki : MediaMath LLC
Adam Zurofsky : Angel Investor

Founding Partners

Read More

In Memory of our friend David.....

Mr. Freschman is a Managing Principal of Innovation Capital Advisors, LLC (ICA). ICA serves as the management company of Innovation Ventures, L.P. (IV), and the Delaware Innovation Fund (DIF). He has served as the President and CEO of the DIF since its establishment in 1995. The DIF is a seed- and early-stage venture capital fund that focuses on entrepreneurial ventures in the Mid-Atlantic region. Mr. Freschman has been responsible for all aspects of IV’s and the DIF’s management since its inception, including the business strategy, fiscal and operational management, raising investment capital, and evaluating all investment opportunities and portfolio company management.

Mr. Freschman is active in the venture and entrepreneurial communities. He is one of the organizers and initial investors in the Mid-Atlantic Angel Group, where he served on the angel fund’s Executive and Investment Committees. He sits on a number of Boards, and has been a lecturer on venture capital, entrepreneurship and angel investing at The White House Conference on Small Business, The Wharton School of the University of Pennsylvania, Temple University, the University of Delaware, Goldey-Beacom College, and Loyola College in Baltimore. He is the creator and founder of Early Stage East – the premier early-stage venture capital event on the East Coast. In 2001, Mr. Freschman was appointed by Gov. Ruth Ann Minner to chair the venture capital study of Delaware’s Strategic Economic Council. Mr. Freschman was appointed and served a three-year term representing New Castle County, Delaware, on the Small Business Advisory Council of the Federal Reserve Bank of Philadelphia through 2002.

Prior to establishing the DIF, Mr. Freschman was responsible for the formation of the corporate finance advisory division of McBride Shopa & Company, one of the largest certified public accounting and consulting firms in Delaware. Mr. Freschman began his career with the Enterprise Group of the Philadelphia office of Arthur Andersen, LLP, from 1984 through 1989. He graduated with honors with an MBA from Loyola College of Maryland and cum laude from the University of Delaware with a B.S. in accounting, where he was a John B. Lynch Scholar. He is also a member of Beta Gamma Sigma – the National Honor Society.


Read More

For more than 15 years, Michael Kelley has been executing and managing principal investments in private equity. Currently a Director at Merion Investment Partners, a subordinated debt and equity fund with assets under management of $240MM. Prior to Merion, he was the founder and principal of Formation Capital, Inc. ("Formation"), which managed capital in excess of $50 million in equity invested in 30 investments. Formation's venture portfolio includes Foxfire Printing and Packaging, iProcess Online and Performance Systems Development. Prior to Formation, Mr. Kelley was a principal with HK Special Situations Group, where he provided advisory services to the US Small Business Administration regarding a troubled Small Business Investment Company. He was also a principal with GSA Management and with Intrust USA. At Intrust he was responsible for raising and investing 4 real estate tax credit funds and one venture capital fund. In addition to serving as the Chairman of the Board of Directors of the Delaware Innovation Fund, Mr. Kelley sits on the boards of Foxfire Printing, Early Stage East, and the Metropolitan Wilmington Urban League. Mr. Kelley received his BA degree in History magna cum laude from the University of Delaware.


Read More

Ed is the senior member of Reitler Kailas & Rosenblatt LLC. He and his firm handle a wide variety of corporate matters including private equity, venture capital, mergers and acquisitions, capital markets and joint ventures transactions.

Ed is one of the leading venture attorneys in the northeast and has represented dozens of venture funds and their portfolio companies. Notable venture funds include Spark Capital, Safeguard Scientific, Edison Venture, Starvest, First Round, Milestone Ventures, Tribeca Venture Partners, New Spring Capital, New Atlantic Ventures, Osage Venture Partners, Paladin Capital, SJF Ventures, ff Venture Capital, Vocap Ventures, and Gen Y Capital Partners. Notable portfolio company clients include Warby Parker, MediaMath, BillTrust, Business Financial Services, LifeStreet, Service Channel, Spongecell, Pontiflex, FMS, Yieldbot, Kemp Technologies and Aspire Financial.

In addition to ARC, Ed is also a co-founder of the Female Founders Fund, L.P., a seed fund investing in women led businesses targeting the female consumer. He is a frequent speaker and panelist on issues affecting the private equity and venture capital markets and is a regular guest lecturer on venture capital finance at Columbia Business School. Ed is a member of the Board of Directors of Business Financial Services, a credit card accounts receivable factor, gCommerce, Inc., an inventory management and custom order software developer, and Brightbox, a technology and consumer services company. Ed also serves on the technology committee of the New York City Investment Fund, a venture fund that co-invests in early stage businesses in New York City. Ed is a member of Board of Advisors for North West Fund for England, the Nex Gen Fund and Lyric Financial. Ed has also served on the Board of Trustees of the Harvard Law School Alumni Association of New York. He is a frequent speaker and panelist on issues affecting the venture capital and private equity markets and is a regular guest lecturer on venture capital finance at Columbia Business School. Ed graduated from Harvard Law School, magna cum laude, where he was an Editor and a contributor to the Journal of Law and Public Policy and a contributor to the Harvard Journal of Legislation. After a clerkship with the Hon. J. Edward Lumbard (United States Court of Appeals for the Second Circuit), he joined Cravath, Swaine & Moore in 1991. He joined Reitler Kailas & Rosenblatt LLC in 1998 as a member.

Ed Reitler

Read More

Joe Rubin is a Director & Co-Founder of FundingPost has been introducing entrepreneurs to investors nationwide for over 14 years through its Online Venture Exchange and Dealflow Magazine, and organizes Venture Capital and Angel Investor Conferences in 23 cities nationwide. Joe has also invested in over a dozen seed deals, including Sticky, Inc. (acquired by Splashtop, Inc.), Senscient, appMobi, Giftworks (acquired by Frontstream Payments), CIMA Systems, was an investor and on the advisory board of Offermobi (acquired by, Human Demand (acquired by IgnitionOne) and an advisor to Gozaik (acquired by Monster), Augmate and Waveborn Sunglasses. Joe spends most of his time working with investors and helping early-stage entrepreneurs, and speaks at events such as the NYC Economic Development Corporation's Jumpstart and Fasttrac Programs, Early-Stage-East, and Connecticut's CTech, is a speaker at and sponsor of the UCLA Private Equity Club and Disruptive Technologists in NYC, and a Mentor to Angel Groups such as 37 Angels, Accel Foods and TopStone Angels. Joe is also a Founding Partner of ARC Angel Fund 1 & 2, seed tech funds based in NYC which have invested in, among others: Upnext (acquired by Amazon), Medivo, Sidecar, Careerminds, Kanvas (acquired by AOL), Partpic, and is a prior board member of the Crowdfund Intermediary Regulatory Advocates (CFIRA) and a founder of FP Angels, a national Angel Investor Group.

Prior to FundingPost, Joe was instrumental in helping to raise $2.5 Million in angel and venture capital for his start-up producing a family-friendly network and over 100 flash-based video games which were playable online and sold as a compilation in stores like Comp USA. Joe was also the Webmaster at Knight Securities (NASD: NITE), where he helped to design its online trading platform and website. Prior to working Online, Joe worked in television and graphic design for companies such as NBC and MTV, in addition to doing freelance commercial production. Joe began working in television production, graphic design and 3D animation professionally when he was 15, and graduated from Hofstra University with a B.A. in Communications. He now lives in Connecticut with his wife and 2 children.

Joe Rubin