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Horned Frog Investment Network

TCU Neeley–affiliated angel network connecting accredited investors with vetted startups across industries.

Fort Worth, TX, USA

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Description

Horned Frog Investment Network (HFIN) is an angel investment network and experiential learning program based at Texas Christian University (TCU) in Fort Worth, Texas. Launched in March 2022 by the TCU Neeley Institute for Entrepreneurship and Innovation, it serves as a "hybrid" between a venture capital fund and a traditional angel group, connecting accredited investors with high-quality startups while training TCU business students in venture investing. 
  • Seed to Late Stage: HFIN leverages a diverse member base to invest across the entire spectrum, from early-stage seed rounds to later-stage Series B financings.
  • Co-Investment Model: It frequently participates as a co-investor in larger rounds led by institutional VCs. 
  • Sourcing Method: Unlike typical incubators, HFIN proactively sources deals through accelerators, members' personal networks, and the HFIN web portal.
  • Evaluation: Applications are reviewed by TCU MBA "Venture Associates" who perform initial deal screening and research. 

Eligibility

  • Sector Agnostic: The network does not focus on a particular industry, seeking high-quality deals in any scalable technology or business sector.
  • Geographically Broad: While it aims to boost the Fort Worth ecosystem and "flyover country," HFIN invests in startups across the United States.
  • Affiliation: While many members are TCU alumni or parents, startup founders do not require a TCU affiliation to receive funding. 

Process

  1. Rolling Intake: Deals are evaluated on a continuous basis year-round.
  2. Screening: A multi-step process includes initial pre-screening followed by a presentation to a Screening Committee.
  3. Pitch Day: Selected founders present their ventures to the full network of accredited investors.
  4. Deep Dive: If members express sufficient interest, the group schedules an hour-long "deep dive" meeting to learn more.
  5. Student-Led Due Diligence: Hand-selected TCU MBA students conduct rigorous due diligence on the business model and financials under faculty and member guidance.
  6. Syndication: Investments are often structured through Special Purpose Vehicles (SPVs), allowing members to opt into individual deals.

What an Applicant can Obtain

  • Venture Capital: Access to capital from a collective of over 40 members, including local VCs, family offices, and private equity leaders.
  • Institutional Mentorship: Value-added investors provide strategic guidance and leverage TCU's broad industry resources.
  • Professional Exposure: High-quality due diligence reports that can be used to validate the business for subsequent investors.