Iowa’s first female angel investor network FIN Capital announced an investment in Gain Compliance, according to a release Tuesday from the Iowa Center for Economic Success.
According to the release, FIN Capital will invest $100,000 in Gain Compliance Inc., an early-stage software company located in Des Moines. Gain Compliance focuses on improving data quality for insurance compliance reporting and was recognized as “Outstanding Startup of the Year” by the Technology Association of Iowa in 2016.
FIN Capital is an initiative of Iowa Center for Economic Success and was established in 2016 with the goal of growing women’s wealth through private angel investing. It currently has 28 members who are individually accomplished, accredited and share a common interest in angel investing. The organization leverages its members backgrounds and expertise in a disciplined approach to vetting potential investments.
According to the release, the elapsed time between Gain Compliance’s initial pitch and FIN Capital’s final commitment of over $100k was a little more than a month.
“What struck us about Gain Compliance was the experience of the team in addressing this market opportunity,” Jolene Vermeer, a founding member of FIN Capital, said. “Gain Compliance’s veteran team of founders has a history of success in building enterprise software, and they are taking a thoughtful approach to the complicated and under-served market of insurance compliance reporting.”
Gain Compliance CEO Burch LaPrade said FIN Capitol is their ideal investor.
“I was extremely impressed by both the organization itself as well as the process,” LaPrade says. “We pitched to a panel of over twenty members, and the expertise of this diverse group was evident in the questions asked and throughout its due diligence process. Our ideal investors are ones who bring a new and valuable perspective to our business, and we feel like we hit the jackpot with FIN Capital.”