Investment funded via NTAN’s new Special Purpose Vehicle, designed to create more avenues for accredited investors to fund angel deals
The North Texas Angel Network (NTAN), an accredited angel investor membership organization, announced 20 of its members have invested $280,000 in Snipitz (Snipitz). The tech company has developed a next-generation, interactive, multi-screen video player that allows users to toggle between multiple viewing options during a live sports broadcast. The company provides entertainment with both artificial intelligence (AI) and data analytics, which enable content owners to pursue, engage, and monetize their “content-hopping” fans.
“This investment has the largest number of members ever participating in a single round, and North Texas Angel Network is excited to be a part of the raise,” says Chris Wilkes, NTAN board chairman and angel investor. “Personally, I chose to invest in Snipitz because of its innovative technology and my confidence in the founder. It’s a tremendous level of energy and commitment from our angel members to help Snipitz get their young company into a rapid growth phase with these funds.”
Snipitz: Changing the Way Live Sports Broadcasts are Viewed
Snipitz is interrupting traditional, one-view broadcasting through its Content Delivery Interface™ (CDI). The CDI allows fans to cultivate their own viewing experience, providing engagement at every moment.
"We are privileged to have NTAN's support and investment, and the level of excitement and member participation they've shown for Snipitz is incredibly humbling,” says Denny Darmo, Snipitz’s founder and CEO. “Their decision to invest in us is one thing, but the level of support through their networks both as an organization and on individual bases, takes this partnership to a whole new level."
NTAN Board Member Ichan Stall led the due diligence and shares, “I first met Denny over a year ago and was immediately captivated by his company’s ability to drive and affect fan engagement and behavior. With a tremendous product offering and experience in how we consume and interact with sports today, they are able to deliver specific and relevant content through their AI patented technology and Content Delivery Interface (CDI) platform.”
Investor Torrey Barnhouse adds, "Snipitz, and its founder, Denny Darmo, continue to excite as the world of sports broadcasting and fan engagement continues to evolve. Viewers drive the market these days and tired, old, conventional methods of engaging no longer satisfy them. They have grown to expect something different, fun and engaging and Snipitz does not disappoint. Nowhere else can a fan find such a unique platform. Period. Hard stop. Other technologies don’t even come close. Denny and his team have done something truly special.”
Special Purpose Vehicle: Creating Ways to Expand Angel Investing Opportunities
Additionally, Snipitz is the first investment that NTAN has closed with its own Special Purpose Vehicle (SPV), which allows multiple angel investors to pool funds and invest as one entity in a deal. This format is ideal when an investor wants to participate at a lower investment level than the direct investment minimum for a company.
“The level of deal flow so far in 2023 is unprecedented - as is the quality of the business plans and entrepreneurs that we are seeing. We are seeing at least one entity per month receiving funding from NTAN members,” notes NTAN Executive Director Jeff Murphy. “Our members desired a way to spread their investment dollars across more entities and still retain control on which deals to fund. The SPV format allows individual NTAN members to group together and invest as a single entity in startups. The SPV benefits investors that may wish to invest a smaller amount in a deal than the minimum and entrepreneurs that secure greater funding with only one investor on their cap table.”
Over its 15-year history, NTAN members have invested more than $11 million into startup organizations, primarily in North Texas. Notable investments include Gardenuity, One Health Group, Compression Works, Buoy, Haxiot, Ikonopedia, Natural Dental Implants, Tella Firma, and Vital Arts & Science.
About North Texas Angel Network
Since 2008, the North Texas Angel Network (NTAN) has connected early-stage companies with angel investors to help private investors make private deals with private companies. The nonprofit, member-led organization reviews investment opportunities across industries, including medical device and service companies, software and hardware technology, and construction innovation, among others. One of the oldest and largest networks in Texas, NTAN is a member of the Angel Capital Association and the Alliance of Texas Angel Networks. Visit www.northtexasangels.org or follow on LinkedIn to learn more.
About Snipitz
Snipitz offers the most personalized viewer journey for end users, while utilizing that ability to provide content owners the most individualized viewer journey data to learn and understand their viewer behaviors and preferences unlike any other. The fan interactivity serves as a tool gaining insights to build the Snipitz predictive data algorithm, specific to each content client. This SMART Video Interface includes API's for betting, metaverse, social, and more, allowing for seamless integration of alternate platforms and technologies for enterprise clients to learn their viewers interests beyond live event coverage, expanding their ability to market and monetize most efficiently. Visit Sniptiz.com or follow on LinkedIn to learn more.
