SeedStep Angels invests in Great Plains Microbiology

TRANSACTION OVERVIEW

On July 9^th, Great Plains Microbiology (GPM), an Oklahoma City-based company founded in 2011, issued $615,000 in a first-tranche private placement of Series A preferred equity.  A committed second tranche of $140,000 from the current investor pool will be invested in the Company upon achievement of specific development milestones.  GPM will provide rapid, low cost, comprehensive contract laboratory testing services to the food industry across a variety of molecular platforms.  The Company will use round proceeds to gain necessary regulatory approval and to begin selling its lab services into immediate Oklahoma markets.

As part of the transaction, four members of the SeedStep Angels combined to commit $400,000, of which $320,000 was funded in this first tranche ($80,000 reserved for the second tranche).

TRANSACTION HIGHLIGHTS

• At $400,000, GPM represents the largest cumulative commitment from SeedStep Angels to a single deal since the group’s inception. 
• Two members from the Tulsa SeedStep Angels and one member each from the Oklahoma City and Ardmore SeedStep Angels invested in GPM. This marks the sixth time members of different Oklahoma SeedStep chapters have invested in the same deal, and only the second time there has been at least one investor from all three chapters. 
• The i2E Angel Sidecar Fund was the lead investor in the round. This round is the seventh instance of SeedStep Angels co-investing with one of i2E’s Accelerate Oklahoma! funds. Members of SeedStep Angels have leveraged over $2,000,000 of Accelerate Oklahoma! funding since 2011. 
• One of the four SeedStep Angels investors in GPM is making his first angel investment since joining the group. 
• The investment represents SeedStep Angels’ fifth new investment of calendar year 2013. Approximately $1,200,000 has been invested by the group in seven companies this year. 
• Since inception, SeedStep Angels has invested approximately $2,900,000 across 17 companies.

Please feel free to contact anyone listed below if you have any questions regarding this transaction: 

SEEDSTEP ANGELS SPONSORS: