Rochester Angel Network (RAN) is a member-led angel investor network based in Greater Rochester, NY, USA, composed of accredited investors who collaborate to identify, evaluate, and invest in early-stage, high-growth startups, particularly those with ties to Upstate New York. Members meet monthly to hear founder pitches and make investment decisions either individually or through pooled structures like special-purpose entities.

Pre-Seed / Seed: Primary focus; groups invest in early stages where angel capital can meaningfully accelerate growth.
Series A: Individual members may participate in follow-ons, but RAN’s core activity is seed/early.

Typical Investment Size: RAN deals historically range around $250K–$2M total aggregated from members and co-investors.
Equity Targets: RAN does not publish a fixed equity percentage it takes on every deal. As an angel network of individual accredited investors, each participant negotiates terms and ownership within the broader round alongside founders and co-investors.
Industry Norm for Angel Syndicates: In typical seed rounds with angel participation, the collective angel dilution often ends up in the approximate range of ~10–25% across all participating investors, while individual ownership stakes from a group like RAN’s members are often ~1%–10% each, depending on valuation, check size, and lead investor structure.
Equity Structure: Preferred stock, SAFEs, or convertible notes depending on deal and negotiation. Members decide instruments based on what founders and investors agree.
Board/Governance: RAN itself doesn’t impose governance terms; deal teams negotiate rights, board seats, or observers case by case with founders.

Submission Method: Founders submit applications via RAN’s Gust platform to be considered for pitch nights and evaluation.
Pitch Process: Screened applications lead to presentations where companies pitch to the full membership, and interested investors then form a deal team to negotiate terms. 

Sector Focus: Broadly high-growth startups with scalable business models. Preferences often align with local ecosystem strengths.
Geography: Strong preference for Upstate New York startups, though non-local companies with strong fits are considered. 
Stage: Early/seed with product traction or early revenue. 
Team: Experienced founders with clear growth plans. 

Initial Intake & Screening: Submitted plans reviewed for scalability, traction, and market potential. 
 Member Presentation: Shortlisted companies pitch to RAN investors with Q&A. 
 Deal Team Formation: Interested members form a team to conduct deeper diligence and negotiate terms with the founder. 
 Investment Closing: Members invest either individually on agreed terms or via pooled entity/SPE.

Strategic Capital: Access to accredited angel investor capital, typically raised through syndication or pooled investments. 
 Mentorship & Network: Guidance and introductions from experienced local investors. 
 Follow-On Paths: Potential introductions to co-investors and institutional rounds as companies mature.