49th State Angel Fund

What 49th State Angel Fund does

49th State Angel Fund (49SAF) is a quasi-governmental investment fund established in 2012 by the Municipality of Anchorage using a $13.7 million federal allocation from the US Treasury under the State Small Business Credit Initiative (SSBCI) and the Small Business Jobs Act of 2010. It operates as Alaska's dedicated entrepreneurship fund, deploying capital in two principal ways: as a limited partner in third-party managed Alaska-focused funds (Anchorage Fund, Venture North Fund, 49th Fund, Launch Alaska Fund, Alyeska Venture Management, Cook Inlet Lending, Alaska Seed Fund), and since 2020 through a direct Co-Investment Fund that matches private angel or seed equity investments dollar-for-dollar between $10,000 and $400,000 in qualifying Alaska-based companies. The fund's portfolio spans early-stage consumer, energy, food, education, and environmental startups including Heather's Choice, 60 Hertz Energy, Alaska Wild Harvest, Prismatext, and Greensparc, among others.

Beyond capital deployment, 49SAF runs the Alaska entrepreneurial ecosystem through a slate of recurring programs — Alaska Entrepreneurship Week, the Alaska Angel Conference, ALLCALL quarterly calls, and Pitchfest — and partners with virtually every major Alaska support organization (Launch Alaska, 1 Million Cups Anchorage, Alaska Investors Network, SBDC, AWBC, gBETA, Upstart Alpha, Spruce Root, Set Up Shop). The fund is governed by a Mayor-appointed Advisory Committee chaired by Stephen Trimble, with Director Calvin Chang leading day-to-day operations and an adjacent Anchorage C-PACER clean energy and resilience financing program. Returns on invested capital are recycled into the Anchorage Angel Evergreen Fund, created in 2016 under MOA Ordinance No. 2016-148, creating a perpetual deployment vehicle rather than a finite fund life.

Name

49th State Angel Fund

Legal name

49th State Angel Fund

Website

https://49saf.com

Company type

Private

Founded year

2012

Operating status

Operating

Headcount range

1–10 employees

Short description

49th State Angel Fund is a quasi-governmental Alaska investment fund, capitalized with $13.7M of federal SSBCI money, that dollar-for-dollar matches private angel and seed investments ($10K–$400K) into Alaska-based startups and supports the statewide entrepreneurship ecosystem.

Ownership category

akta.pro rank

Product category

Angel and Early-Stage Venture Capital

NAICS

Grantmaking and Giving Services (81321)

SIC

Federal & Federally-Sponsored Credit Agencies (6111)

akta.pro primary industry

Micro-VC & Angel Funds (FSANAAAI)

Keywords

• Angel investment fund
• Venture capital
• Equity co-investment
• Seed stage funding
• Entrepreneurship ecosystem

Headquarters

HQ city

Anchorage

HQ country

United States

HQ region

North America

Offices1 record

Markets served

GTM type

B2B

Offering type

Services

Cost components

Personnel, Marketing or Sales, Operations, Others

Revenue model

1. Investment Returns: 49SAF generates returns through equity investments in Alaska-based companies and fund-of-funds investments. Returns from invested principal and interest are reinvested through the Evergreen Fund for continued deployment into the Alaskan entrepreneurial ecosystem.
2. Co-Investment Fund: Provides dollar-for-dollar matching equity investments (1:1) into qualifying Alaska companies alongside private investors. Takes equity stakes in exchange for investment capital.

Go-to-market motion2 records

Distribution channels2 records

Marketing channels6 records

Core offering

49th State Angel Fund (49SAF) is Alaska's quasi-governmental entrepreneurship fund that provides dollar-for-dollar matching equity co-investments of $10,000 to $400,000 into early-stage Alaska-based companies raising angel or seed rounds. The fund also invests as a limited partner in third-party managed Alaska-focused funds (Anchorage Fund, Venture North Fund, 49th Fund, Launch Alaska Fund). The fund operates an evergreen structure that reinvests returns through the Anchorage Angel Evergreen Fund for continued capital deployment.

Product overview

49th State Angel Fund operates as Alaska's entrepreneurship fund providing capital and ecosystem support. The core offering consists of the Co-Investment Fund, which makes dollar-for-dollar matching equity investments ($10K-$400K) in qualifying Alaska companies, combined with Partner Funds investments in third-party managed funds. Supporting programs include ALLCALL (quarterly ecosystem calls), the Alaska Angel Conference (annual investment program placing $100,000+), and Pitchfest (annual startup competition). The fund also partners with programs like Set Up Shop (microfinancing for underrepresented entrepreneurs) and Launch Alaska (accelerator for energy, food, water, and transportation sectors). The fund was capitalized with $13.7 million from the US Treasury under SSBCI and manages returns through the Evergreen Fund.

Differentiator

Problem solved

Functional benefit

Products and services

• Co-Investment Fund A dollar-for-dollar matching equity investment fund that matches new private capital investments into Alaska-based companies between $10,000 and $400,000, targeting early-stage companies raising angel or seed rounds with a private lead investor in place.
• Partner Funds Investment Program Limited-partner investments by 49SAF in third-party managed Alaska-focused funds that deploy capital into Anchorage businesses or companies with significant economic benefit to Alaska. Includes LP stakes in Anchorage Fund ($3M, growth-stage), Venture North Fund ($8M, flexible growth), 49th Fund ($4.4M, high-growth/post-revenue), Launch Alaska Fund ($2.3M, seed accelerator), Alyeska Venture Management (early-stage), Alaska Angel Conference ($100K+ annually), Cook Inlet Lending / Set Up Shop ($225K microfinancing), and Alaska Seed Fund ($50K).
• Set Up Shop Microfinancing Program A $225,000 microfinancing fund for neighborhood and underrepresented entrepreneurs in Anchorage, providing low-interest-rate loans funded through 49SAF's Evergreen Fund. Operated by Anchorage Land Trust in partnership with Cook Inlet Lending.
• Alaska Angel Conference Investment Program An annual spring event where 49SAF partners with Alaska angel investors to place $100,000+ into a privately held company over three to six months using best practices, community engagement, and careful due diligence. Designed to improve the skill sets of both Alaska angel investors and entrepreneurs through weeks of structured diligence work.
• Alaska Seed Fund A University of Alaska-affiliated fund offering fast pre-seed capital (typically $50,000) for entrepreneurs to validate customers, improve prototypes, or commercialize technologies. Operated as a partnership program in 2017 and 2019.

Quantifiable outcome

• $100,000+ deployed annually into privately held companies through Alaska Angel Conference
• +1 more outcomes

Named customers14 records

Segments4 records

Ideal customer profiles4 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Partnerships

Eight partnerships are on record, tiered minor.

• Set Up ShopminorStrategic or Co-development PartnerProgram helping Anchorage neighborhood and underrepresented entrepreneurs with curriculum and potential microfinancing. Operated by Anchorage Land Trust.
• 1 Million Cups AnchorageminorStrategic or Co-development PartnerEcosystem program providing entry point to Alaska entrepreneurial ecosystem. Entrepreneurs give short presentations on business concepts to receive constructive feedback.
• Alaska Investors NetworkminorStrategic or Co-development PartnerStatewide network of angel investors in Alaska who want to reinvest in local companies. 49SAF serves as secretary of the organization's board.
• Alaska Small Business Development CenterminorStrategic or Co-development PartnerNo-cost advising, educating, and guiding both entrepreneurs and small business owners across Alaska.
• Alaska Women's Business CenterminorStrategic or Co-development PartnerSupports startup and growth of women-owned businesses with connections, resources, and training.
• gBETA AlaskaminorStrategic or Co-development PartnerSeven-week accelerator program by gener8tor for startups looking to raise funds.
• Upstart AlphaminorStrategic or Co-development PartnerStartup accelerator by University of Alaska offering stipends to perform customer discovery.
• Spruce RootminorStrategic or Co-development PartnerSoutheast Alaska focused 'idea to reality' business plan competition providing technical training and financing to startups.

Scale indicators7 records

Recent moves6 records

Expansion highlights5 records

Direct peers

• Alaska Investors Network: Statewide network of angel investors in Alaska who reinvest in local companies. 49SAF's secretary of the board, making it the most directly comparable peer in the Alaska angel ecosystem.
• Alyeska Venture Management: Alaska's first angel and early-stage fund (founded 2014), providing plan/prototype-stage capital. 49SAF holds an LP stake and they operate in the same Alaska-based angel/seed segment.
• Launch Alaska: Startup accelerator and seed fund investing in Alaska-based startups in energy, food, water, and transportation. 49SAF is an LP ($2.3M) and they jointly co-develop the local venture pipeline.
• Spruce Root: Southeast Alaska-focused 'idea to reality' business plan competition providing technical training and financing. Direct peer as a regional Alaska startup-support organization with dual financial and capacity-building mandate.
• gener8tor (gBETA Alaska): Runs the seven-week gBETA Alaska accelerator for early-stage startups. Peer as a structured accelerator with comparable deal sourcing and ecosystem-development mission in Alaska.
• Upstart Alpha: University of Alaska-affiliated startup accelerator offering customer-discovery stipends. Peer as a downstream feeder of pre-seed Alaska startups into 49SAF's Co-Investment Fund.
• Maine Venture Fund: State-backed venture capital fund focused on Maine-based startups with a similar mission-driven economic development mandate. Comparable as a state-level public-private VC fund deploying dilutive capital.
• Arkansas Capital Corporation: SSBCI program administrator in Arkansas operating state-funded small business investment programs. Comparable as a peer SSBCI-state fund deploying federally backed capital into local ventures.

Others

• Cook Inlet Lending: Alaska-based microfinancing partner funded through 49SAF's Evergreen Fund ($225K). Ecosystem partner that complements 49SAF with non-dilutive credit for underrepresented Anchorage entrepreneurs.
• 1 Million Cups (Kauffman Foundation): National community program for entrepreneurs offering free monthly meetings, including 1 Million Cups Anchorage. Comparable as a top-of-funnel ecosystem and community-building partner that surfaces applicants to 49SAF.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat4 records

Key risks6 records

Key highlights6 records

Customer concentration

• Xx.com/49saf
• Facebookfacebook.com/49SAF
• LinkedInlinkedin.com/company/49saf

Revenue estimate

Valuation estimate

Number of profiles

Profiles7 records

Subsidiaries5 records

Funding overview

Funding rounds1 record

Investors1 record

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M&A

Investments28 records

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Frequently asked questions about 49th State Angel Fund