Small Business Receives 1 million
2/22/2008 (Source: News 10 Now)

STOC Angel Investment Network assists local company in securing funding.

It seems small business Threadsmith is growing as fast as its machines can stitch.

"If you're out in California or out in Silicon Valley, every other day a company is getting funded," said David Goldman, Threadsmith CEO.

But recently, across the country in Vestal, David Goldman's custom-embroidery company was funded $1 million. The venture capital comes from private equity firms. Goldman said this couldn't have been possible without the Southern Tier Opportunity Coalition.

"One of the first ways we came into contact with these private equity firms was an event down at Columbia University that STOC had helped us become a part of, we were one of 15 companies from New York State that presented to private equity firms looking for venture capital," Goldman said.

Some STOC members provided the company with initial funding. Since then, STOC has formed the Angel Investment Network, a local group of 20 high net worth individuals evaluating business investment opportunities.

Vestal company gets million dollar shot in the arm
One million dollars in venture capital is giving a Vestal company a boost. There are only a handful of employees who work at Threadsmith, but that's about to change. News 10 Now's Dana Hendrickson brings us this small business success story.
 
"At that time I gathered up a couple of people that I knew that might be interested and we put together the angel investment that helped Threadsmith get through that period and attract the more significant money that they have attracted right now," said Larry Schorr with STOC.

With the money Goldman said he'll hire 12 more employees and fund marketing initiatives.

"Certainly growing and hopefully securing more investment and becoming a great success story," said Goldman.

STOC's Vice President said the idea for any start-up company is to get to the level where Threadsmith is now.

"That is a very significant amount of money for a company at its stage. It's in a very early stage in development," said Schorr.

Goldman said the private equity firms are looking to put more money into Threadsmith in the future, to keep up with every stitch.

Companies or people interested in STOC's Angel Investment Network should call (607) 748-1817.

Additional Information:
http://news10now.com/content/top_stories/111021/small-business-receives--1-million/Default.aspx

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