HPA (Hyde Park Angels)

What HPA (Hyde Park Angels) does

HPA (Hyde Park Angels) is a Chicago-based early-stage venture capital firm founded in 2007 that operates a People First investment model, combining member capital with hands-on operating expertise and a curated business network to seed early-stage startups. The firm invests primarily at seed to Series A stages, with a Midwest geographic focus and sector emphasis on Health and Wellness, Financial Services, Business and Industry, Enablement Technologies, and a Modern AI Stack vertical. HPA's capital is sourced from a membership of 100+ entrepreneurs, executives, and venture capitalists, and the firm generates returns through equity stakes in portfolio companies rather than product or service revenue. Notable outcomes include the Simple Mills acquisition by Flowers Foods for $795M, the Factor acquisition by HelloFresh for up to $277M, ShipBob's unicorn status, and Kenna Security's acquisition by Cisco; HPA's portfolio companies have collectively secured nearly $1B in funding since inception.

HPA differentiates from a traditional angel network through institutionalization: it maintains a formal management team (Managing Partner Pete Wilkins, Partners Michael Sachaj and Stephen Ross, Senior Associate Michelle Rogoff) and an active board (Chair Susan Whiting, Vice Chair Sapan Shah MD JD, Treasurer Corey Ferengul, plus Joe Beatty, Alex Brown). The firm has built a dense partner ecosystem spanning legal counsel (Cooley, Kilpatrick Townsend, Polsinelli, Neal Gerber Eisenberg, Thompson Hine), financial services (SVB, Hyde Park Venture Partners), recruiting (Objective Paradigm), and Chicago economic development organizations (World Business Chicago, Polsky Center, TechNexus, Chicago:Blend), enabling it to deliver operational support to founders that pure check-writers cannot. Distribution and deal sourcing flow through this member and partner network, with an active portfolio of 50+ companies.

In 2024-2026, HPA executed a deliberate institutionalization and thesis-narrowing strategy: partner promotions in March 2024 formalized succession beyond the founder, and a concentrated run of AI-native seed investments (Digit, Cydelphi, Iris Finance, Moonnox, Zengines, Empirical Security) plus a 2025 IVCA Portfolio Company of the Year award reflect a sharpened sector identity. The firm does not develop proprietary technology; its competitive position rests on operator expertise, regional network density, and a multi-cycle exit track record.

Name

HPA (Hyde Park Angels)

Legal name

Hyde Park Angels

Website

https://hpa.vc

Company type

Private

Founded year

2007

Operating status

Operating

Headcount range

51–100 employees

Short description

HPA (Hyde Park Angels) is a Chicago-based early-stage venture capital firm founded in 2007 that invests seed to Series A capital in Midwest and US startups via a People First model, leveraging 100+ operator members to source, diligence, and support portfolio companies.

Ownership category

akta.pro rank

Product category

Venture Capital

NAICS

Portfolio Management and Investment Advice (52394), Other Investment Pools and Funds (5259)

SIC

Investment Advice (6282)

akta.pro primary industry

Micro-VC & Angel Funds (FSANAAAI)

akta.pro secondary industry

Emerging Manager / Seeding Platforms (Multi-Manager) (FSANAGAF)

Keywords

• Early-stage venture capital
• Angel investing
• Seed stage funding
• Startup venture investing
• Portfolio investment platform

Headquarters

HQ city

Chicago

HQ country

United States

HQ region

North America

Offices1 record

Markets served

GTM type

B2B

Offering type

Services

Cost components

Personnel, Operations, Marketing or Sales, Technology or R&D, Others

Revenue model

1. Investment Returns: HPA generates returns through successful exits of portfolio companies including acquisitions and IPOs. Notable exits include Simple Mills ($795M to Flowers Foods), Factor ($277M to HelloFresh), Kenna Security (acquired by Cisco), and others.
2. Portfolio Company Support: HPA provides capital investment and operational expertise to early-stage companies in exchange for equity stakes.

Go-to-market motion2 records

Distribution channels1 record

Marketing channels5 records

Core offering

HPA (Hyde Park Angels) is a Chicago-based early-stage venture capital and angel investment group that invests in seed to Series A startups across Health and Wellness, Financial Services, Business and Industry, Enablement Technologies, and Modern AI Stack sectors. It operates a "People First" model that pairs equity capital with ongoing operational support, strategic guidance, and network access from a 100+ member community of entrepreneurs, executives, and VCs. The firm does not develop or sell software products or technology services; its offering is participation in curated early-stage investment deals and hands-on portfolio support.

Product overview

HPA (Hyde Park Angels) is a leading early-stage venture capital firm that operates an investment platform rather than a technology product company. HPA's core offering is its People First investment model, which leverages world-class operating expertise, a powerful business network, and venture capital to support startup founders. The firm does not offer software products or technology services.

Differentiator

Problem solved

Functional benefit

Products and services

• People First Early-Stage Investment Program Equity investment program pairing seed-to-Series A startups across Health and Wellness, Financial Services, Business and Industry, Enablement Technologies, and Modern AI Stack with capital plus hands-on operating support from a 100+ member network. Designed for Midwest-based high-growth founders seeking both funding and strategic guidance.
• Portfolio Company Operating Support (People First Member Network) Ongoing post-investment support program for portfolio companies, leveraging HPA's 100+ members to provide strategic guidance, recruiting help, customer introductions, fundraising support, and operating advice throughout the lifecycle of each investment.
• HPA Membership Program (Operator-Investor Community) Membership offering for accredited investors, executives, and venture capitalists to join HPA's operator-investor community; members participate in curated early-stage deal flow and contribute operating expertise to portfolio companies.

Quantifiable outcome

• Nearly $1 billion in funding secured by portfolio companies since 2007
• +3 more outcomes

Named customers13 records

Segments3 records

Ideal customer profiles2 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Partnerships

Eleven partnerships are on record, tiered core and minor.

• Uber FreightcoreStrategic or Co-development Partner · 11 March 2026Strategic investment and expanded commercial partnership with Better Trucks for last-mile delivery capabilities.
• Uber FreightcoreStrategic or Co-development Partner · 13 November 2025Strategic investment and commercial partnership with Better Trucks, providing sortation technology, connected technology ecosystem, and address validation capabilities.
• Flowers FoodscoreStrategic or Co-development Partner · 8 January 2025Acquired HPA portfolio company Simple Mills for $795 million in cash. Simple Mills will operate as independent subsidiary maintaining operations in Chicago and Mill Valley.
• G2coreOthersG2 is the world's largest tech marketplace where businesses discover, review, and manage technology. Partners include FourKites, Kenna Security, Catalytic, and other HPA portfolio companies.
• Objective ParadigmcoreImplementation/ SI/ Consulting PartnerChicago's most respected recruiting agency for technology-driven early-stage companies. Provided CTO and finance lead placements for Provi, managed recruiting for Cohesion, and placed key technology positions for multiple portfolio companies.
• The Polsky Center for Entrepreneurship and InnovationcoreStrategic or Co-development PartnerCornerstone partner - foremost resource for University of Chicago students and alumni for entrepreneurship and private equity careers. Operates Alumni New Venture Challenge and student consulting programs for Chicago startups.
• TechNexus Venture CollaborativecoreStrategic or Co-development PartnerVenture collaborative that invests in relationships between corporations and entrepreneurs. Operates TeamWorking innovation hub in Civic Opera Building. Fred Hoch and Terry Howerton lead the organization.
• ULminorOthers125+ years guiding industries and setting standards for new technologies. UL Ventures invests in digital companies bringing innovation to markets. Simin Zhou and Melissa Albrecht serve as contacts.
• World Business ChicagocoreStrategic or Co-development PartnerChicago's public-private economic development agency. Programs include Startup Chicago, Chicago Venture Summit, ThinkChicago, and Venture Engine. Abin Kuriakose and Julie White Schuster serve as contacts.
• Chicago:BlendcoreStrategic or Co-development PartnerCollaborative effort of Chicago VCs promoting diverse teams and inclusive environments. Launched Chicago Venture Fellows to diversify VC talent pipeline. Joey Mak serves as contact.
• Verde AssociatesminorOthersExecutive coaching and organizational development firm specializing in growth stage companies. Helps leaders with organizational evolution, leadership growth, building high performance teams, and culture development. Laura Greenberg and Victoria Gustafson serve as contacts.

Scale indicators13 records

Recent moves6 records

Expansion highlights5 records

Broad incumbents

• Drive Capital: Midwest-focused venture firm with operations in Columbus and Chicago investing from seed to growth; overlapping geography and stage with HPA but materially larger fund size and broader mandate.
• Pritzker Group Venture Capital: Chicago-based multi-stage investment arm that co-led HPA-participated rounds such as Fuel Me's $18M Series A; larger, broader fund with stage overlap but a more generalist mid-market mandate.

Direct peers

• Grand Ventures: Grand Rapids-based early-stage VC participating in the same seed/Series A rounds as HPA (Digit, Paccurate); comparable Midwest geographic focus and B2B SaaS/tech thesis.
• M25: Chicago-based early-stage VC that co-invested in Moonnox's seed round alongside HPA; operates a comparable Midwest-focused, high-volume seed model targeting tech-enabled startups.
• Hyde Park Venture Partners: Chicago-based early-stage VC focused on high-growth mid-continent technology startups; an explicit HPA co-investment partner (e.g., led Zengines $9M Series Seed alongside HPA) operating in the same geography and stage as HPA.
• Service Provider Capital: Early-stage fund focused on service-business startups that has co-invested in multiple HPA-led rounds (Digit seed, Moonnox seed); comparable stage, geography, and check size to HPA.
• TechNexus Venture Collaborative: Chicago venture collaborative that invests at the intersection of corporations and entrepreneurs and operates the TeamWorking innovation hub; listed as a strategic partner of HPA with overlapping investor and corporate-innovation activities.
• Chicago Ventures: Chicago-based early-stage VC investing in Midwest technology startups; comparable stage, geography, and B2B/tech focus to HPA.

Regional players

• Sandbox Industries: Chicago-based venture firm operating a platform/incubator model for early-stage startups; comparable Midwest geography but distinct sector mandates and a different operating model from HPA's member-driven approach.

Emerging players

• Glasswing Ventures: Boston-based early-stage fund focused exclusively on AI-native startups that has co-led multiple HPA-participated rounds (Cydelphi, Iris Finance); comparable stage and check size but narrower AI thesis.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat5 records

Key risks5 records

Key highlights6 records

Customer concentration

• Xx.com/hydeparkangels
• Facebookfacebook.com/hydeparkangels
• LinkedInlinkedin.com/company/hyde-park-angels

Revenue estimate

Valuation estimate

Number of profiles

Profiles10 records

Funding overview

Funding rounds

Investors

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M&A

Investments164 records

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about HPA (Hyde Park Angels)