First Angel Network is shutting down after 14 years of channeling the money of wealthy investors into Atlantic Canadian startups.
As first reported by Betakit, Co-Founders Ross Finlay and Brian Lowe notified their friends and contacts on Friday that the investment group would cease operations on March 31. The move comes a little more than a year after one of its portfolio companies launched a lawsuit against FAN and others. Though Lowe and Finlay believe the suit is no longer active, they admit that the case had an impact on the group.
“Our board felt it was time,” said Lowe in an interview