Southeast Kentucky Angel Investment Fund to launch with $680,000 federal grant

The Foundation for Appalachian Kentucky, in collaboration with its partners Shaping Our Appalachian Region (SOAR) and the Appalachian Investors Alliance, recently announced the launch of the Southeast Kentucky Angel Investment Fund.

The initiative has received a $680,000 grant from the U.S. Economic Development Administration, marking a significant step forward in supporting the region’s emerging entrepreneurial ecosystem.

The grant will provide the technical assistance necessary to establish and operate a professionalized, member-managed angel fund in Southeast Kentucky. With an initial capital infusion of $1 million in private investment funds and the potential to leverage an additional $4 million in private investment capital, this project is poised to drive economic growth and empower local entrepreneurs.

Dr. Geoff Marietta, Chief Impact Officer of the Foundation for Appalachian Kentucky, expressed his enthusiasm for the project, saying, “This investment is a game-changer for Southeast Kentucky. The Southeast Kentucky Angel Investment Fund will provide local entrepreneurs with much needed risk capital, foster innovation, and create new opportunities for our communities. We are immensely grateful for the support from the U.S. Economic Development Administration, which will enable us to take our vision to the next level.”

Colby Hall, Executive Director of Shaping Our Appalachian Region (SOAR), shared in the optimism, noting, “SOAR is committed to building a more vibrant, diverse, and resilient Appalachian Kentucky. The Southeast Kentucky Angel Investment Fund will provide the financial and intellectual capital necessary to accelerate economic development and entrepreneurship in our region. This partnership demonstrates our collective dedication to the future of Eastern Kentucky.”

The project aims to enhance leadership within the regional entrepreneurial ecosystem by tapping into the knowledge and experience of regionally-based accredited investors, subject matter experts, and deal-sharing networks. This infusion of not only financial but also intellectual capital is expected to contribute significantly to the growth and success of emerging businesses in Southeast Kentucky.

Jim Hart, President and Chief Executive Officer of the Appalachian Investors Alliance, emphasized the importance of collaboration, saying, “We believe that by joining forces, we can make a lasting impact on our region’s economic development. The Southeast Kentucky Angel Investment Fund represents a crucial step towards creating a thriving entrepreneurial ecosystem that will benefit all residents of Southeast Kentucky.”

The Foundation for Appalachian Kentucky, SOAR, and the Appalachian Investors Alliance look forward to the opportunities this grant presents for Southeast Kentucky and are eager to work together to support local entrepreneurs, stimulate economic growth, and make the region a hub of innovation, according to a news release.

The collaboration is currently looking to hire an Impact Investment Coordinator to help set up the fund.

For more information about the Southeast Kentucky Angel Investment Fund and its opportunities, please go to https://www.appalachianky.org/southeast-kentucky-angel-investment-fund.