Rochester’s Angel Network: Inside the City’s Early-Stage Investment Ecosystem
- Connected Know
- Sep 10, 2025
- 4 min read
ROCHESTER, N.Y. — For early-stage founders, capital is fuel. In Rochester’s growing innovation economy, several angel and seed-stage investment funds are quietly shaping the future by backing some of the region’s most promising startups. While venture capital tends to dominate headlines, angel networks and micro-funds often provide the critical first checks that help turn prototypes into companies and founders into CEOs. Rochester is home to a concentrated group of angel investors and operator-led funds that have collectively backed startups in sectors ranging from health care and advanced manufacturing to AI and climate tech.
Here’s a closer look at five key players in Rochester’s early-stage investment landscape and what founders and startup leaders need to know about them.
Managed by: Jim Senall
Typical Check Size: $250K–$2M
Stage: Seed
Founded in 2005, the Rochester Angel Network (RAN) has invested in more than 40 startups across Upstate New York. The network is composed of accredited investors who collaborate to evaluate deals, fund startups, and offer mentorship. RAN-backed companies include SunDensity, a photonic smart-coating company that has raised more than $2.5 million, and CypherWorx, an e-learning platform for nonprofits and municipalities.
RAN focuses on startups with scalable business models, experienced management teams, and clear growth potential. The group accepts applications on a rolling basis and often syndicates with other angel groups or seed-stage funds.
CEO: Theresa Mazzullo
Typical Check Size: $250K–$1M
Stage: Pre-Seed to Series A
Affiliated with the University of Rochester, Excell Partners is one of the most active seed-stage funds in the region. The firm’s portfolio includes companies that have achieved national visibility and successful exits, such as GiveGab (acquired by EveryAction) and Kinvolved (acquired by PowerSchool). Another standout, Casana, raised a $30 million Series B in 2023 for its connected health device built right into a toilet seat.
Excell focuses on high-tech, high-growth companies in sectors like medical devices, advanced materials, energy, AI, and optics. The fund recently announced plans to launch a new $10–15 million “Capital Gap Fund” to fill financing gaps for startups needing $250,000 to $1 million in early equity.
Affiliation: Rochester Institute of Technology
Stage: Seed
The RIT Venture Fund provides capital and support to startups with ties to RIT’s innovation ecosystem. Though less publicly visible than other funds, its portfolio includes Casana, data platform BDEX, and IMSWorkX, a telecom technology company that was acquired by Ribbon Communications.
The fund typically invests in startups founded by RIT students, alumni, or faculty, but also considers companies that align with the university’s focus areas in sustainability, imaging, computing, and engineering.
Managing Partners: Charles O’Neill, Jim Aroune
Stage: Pre-Seed / Seed
Brown & White Ventures is a founder-led investment firm focused on supporting early-stage companies in underserved and undercapitalized regions. The firm invests across industries and geographies but has a strong Upstate New York presence and commitment to startups outside major metro hubs.
Portfolio companies include KAV, a high-performance cycling helmet company that raised a $5 million Series A, and wellconnected, a social impact software company that streamlines referrals across community-based organizations.
Brown & White also offers strategic advisory support to founders and emphasizes long-term relationships over short-term returns.
Founder & Managing Partner: David Brown
Typical Check Size: $250K–$500K
Stage: Pre-Seed / Seed
While headquartered in Boston, Impellent Ventures has roots in Rochester and remains active in the local startup ecosystem. The operator-led firm is backed by a collective of founders, including artists like Tariq “Black Thought” Trotter of The Roots.
Impellent has backed high-growth startups including OneScreen.ai, which raised more than $10 million for its AI-powered out-of-home advertising platform, and Block Party, a digital safety company that has gained national media attention.
The firm specializes in overlooked geographies and nontraditional founders, making it a compelling option for startups looking beyond Silicon Valley-style pitches.
Fund Overviews
Fund/Group | Type | Stage | Typical Investment |
Rochester Angel Network | Angel Network | Seed / Early | $250K–$2M |
Excell Partners | Seed Fund / VC | Pre-seed to Series A | $250K–$1M+ |
Armory Square Ventures | VC | Seed / Series A | Up to $2M |
RIT Venture Fund | University Fund | Early Stage | Not Listed |
Brown & White Ventures | Angel/VC Hybrid | Pre-seed / Seed | Varies |
Impellent Ventures | Seed Fund / VC | Pre-seed / Seed | $250K–$500K |
Rochester Companies That Have Raised Series A or Exited
Fund | Company | Notable Milestone |
RAN | SunDensity | $2.5M+ raised (Seed/Series A stage) |
Excell | GiveGab | Acquired by EveryAction |
Excell | Kinvolved | Acquired by PowerSchool |
Excell / RIT | Casana | Raised $30M+ Series B |
Excell | OWL AI | Raised $15M+ Series A |
RIT | IMSWorkX | Acquired by Ribbon Communications |
Brown & White | KAV | Raised $5M+ Series A |
Impellent | OneScreen AI | Raised $10M+ Series A |
Impellent | Block Party | Raised $4.8M seed – Series A expected |
What Founders Should Know
Each of these funds brings more than capital, they bring networks, credibility, and strategic support. For founders in Rochester and the surrounding region, the path to Series A often starts with one of these five names. Most invest at the pre-seed or seed stage and seek companies with a clear problem-solution fit, a compelling go-to-market strategy, and a founder or team capable of executing.
While some funds focus on university affiliation or sector-specific innovations, others remain open to a broad range of industries. The key for entrepreneurs is to understand not just how much capital they need, but what kind of investor alignment will help them build a sustainable and scalable company.
For startup leaders serious about growing in Rochester, the funding is here and so is the opportunity.
To submit your startup for coverage or to be featured in an upcoming Connected Know profile, visit connectedknow.com/news-tip.
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