Fischer Block: Union League 'angels' bet cash on IoT monitors
The group said its investment implies a total valuation for the company of around $6 million.
The Broad Street Angels, a group of wealthy "angel investors" who are members of Philadelphia's Union League club, say they have invested in Fischer Block Inc., an "Internet of Things electric utility monitoring technology company" based in Royersford, Montgomery County.
"Nine members of the Broad Street Angels committed a six-figure angel investment," according to the Angels. The group said its investment implies a total valuation for the company of around $6 million.
An amended fund-raising document on file with the Securities and Exchange Commission shows that investors committed $1.16 million to Fischer Block last year and early this year, of which $150,000 was set aside to pay Fischer Block chief executive Greg Wolfe and fellow directors Margaret Paietta, the firm's chief marketing officer, and Mark Danchak, cofounder of New York-based Carbon6 Ventures. Fischer Block hoped to raise an additional $350,000.
Wolfe joined Fischer Block in 2013. He was previously an engineer at Eagleville-based electrical-testing equipment maker Megger, and before that at Texas Instruments.
The Broad Street Angels "are committed to prompt and diligent review of deals and have the ability to close quickly," their chairman, RoseAnn B. Rosenthal, who also heads the state-funded Ben Franklin Technology Partners of Southeastern Pennsylvania, said in a statement. The group reviews deals "every month," she added.
The Union League, with its restaurants, meeting rooms adorned with portraits of Civil War Union Army generals, and a small hotel, occupies a block-long clubhouse facing South Broad Street near Philadelphia City Hall. Besides its historic, military-support and local philanthropic activities, in recent years, the club has purchased a parking garage, restaurants on the Main Line and at the Jersey Shore, and golf clubs in Philadelphia and at the Shore.