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Cherrystone Angel Group

Cherrystone Angel Group funds early-stage New England startups and offers member investor activities.

Providence, RI, USA

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Description

Cherrystone Angel Group is a member-led angel investment network based in Providence, Rhode Island. Founded in 2004, it is the first and most active angel group in the state, focused on providing early-stage capital and strategic guidance to high-growth companies in the Northeastern United States. 

  • Seed & Series A: Cherrystone targets companies that have moved past the initial concept phase.
  • Traction Required: Applicants must have a Minimum Viable Product (MVP) and evidence of market validation, such as early revenue or successful beta tests. They do not typically invest in "idea-stage" ventures.
  • Method: Founders must apply through the Cherrystone Angel Group portal, which is hosted on the ProSeeder or Dealum platform.
  • Requirements: A complete application includes a pitch deck, an executive summary, financial projections, and a clear "Use of Funds" plan.
  • Focus: They seek companies raising between $500,000 and $2,000,000 in total equity. 

Eligibility

  • Geography: Strong preference for companies located in New England (RI, MA, CT, NH, ME, VT) or the Northeast (NY, NJ).
  • Sector: Industry-agnostic, with significant historical activity in SaaS, MedTech, Consumer Products, and Advanced Manufacturing.
  • Exit Potential: Must demonstrate a clear path to a liquidity event within 3–7 years.

Process

  1. Online Intake: Founders submit materials for initial screening by the leadership team to assess fit and scalability.
  2. Screening Committee: Selected startups pitch to a screening committee for a preliminary 15–20 minute evaluation.
  3. Member Presentation: The top 2–3 companies are invited to pitch to the full membership of 60+ accredited investors during monthly meetings.
  4. Due Diligence: If there is sufficient member interest, a due diligence team is formed to conduct a 4–8 week deep-dive into the company's financials, legal standing, and technology.
  5. Investment: Members make individual investment decisions, which are aggregated into a single LLC on the company's cap table.

What an Applicant can Obtain

  1. Direct Capital: Aggregated funding from a network of seasoned business leaders and executives.
  2. Strategic Mentorship: Direct access to members who often serve as board observers or provide hands-on advisory.
  3. Syndication: Introductions to other regional groups (like Boston Harbor Angels or Maine Angels) to fill larger rounds.
  4. Ecosystem Access: Connections to the Rhode Island and Massachusetts innovation hubs.