A group of members of Philadelpha's Union League club has started an investor group called Broad Street Angels. It's pledged to help members locate and invest in "qualified, early-stage enterprises in Greater Philadelphia as a means of growing the region's economy, retaining and attracting talent and fostering innovations that strengthen our civic infrastructure."
Though it is home to Vanguard Group and other large investment firms, the Philadelphia area has not been a leading venture capital center. "Angel investor" groups like Broad Street are typically smaller than venture firms and may make investments in the six-figure range.
Chair of Broad Street Angels is RoseAnn Rosenthal, who also heads the mostly state-funded Ben Franklin Technology Partners of Southeastern Pennsylvania investment fund. In a statement, Rosenthal praised the Angels' "extraordinary insight" and diversity of experience.
Vice chair is Bob Ciaruffoli, former head of the Parente Beard accounting firm, Philadelphia's largest until it was taken over by Baker Tilley of Chicago in 2015; secretary, Katherine O'Neill, boss at JumpStart New Jersey Angel Network; treasurer, Haddonfield insurance broker John Rigaut.
Other Broad Street Angels leaders include Doc Parghi, partner with SRI Capital; Chris Topolewski, principal and advisor, West Capital Management; Eric Rugart, CEO of Feta Med; Jerry Johnson, formerly of Safeguard Scientifics and now boss at Axum Advisors LLC will head deal review; Leo Levinson, boss at GroupLevinson Advertising'; and Mark Henderson, founder, Grayline Partners.