‘Ark Angel Fund’ To Boost Business Despite Pandemic

Times of crisis often come with silver linings. The Ark Angel Fund is one of those occasions. Founded in September under the auspices of the Chaldean American Chamber of Commerce, the fund seeks to kick-start new and early stage businesses, particularly in the technology sector.

That’s where the silver lining comes in. Fund Advisor Tom Haji says the COVID-19 pandemic “actually helps technology-based companies.” He pointed out that companies such as Tesla, Google, Microsoft and Amazon are doing exceptionally well during this time.

While the Fund plans to invest in a number of industry sectors, including education, health care, retail, manufacturing and innovation, Haji says the early technology focus will help the Fund and its investors reduce risk in a shaky economy.

According to its website, the Ark Angel Fund serves as a catalyst for economic development. It was launched to support early start-up businesses and make investments in emerging companies that will make a difference in this region. The Fund will be managed by a wholly owned subsidiary of the Chaldean American Chamber of Commerce.

The Fund is working with Ann Arbor Spark, a self-described “catalyst for economic development” that has been working with area businesses for the past 10 years.

“Right now we’re going to start working closely with Ann Arbor Spark so we can get the hang of things before we start venturing off and listening to other pitches outside of that incubator,” says Haji. “That’s what Ann Arbor Spark is, basically an incubator for start-up companies.

“The good thing about us working with Ann Arbor Spark is they already have the deals, or the start-ups, ready for us to listen to,” he says.

“Start-ups go to Spark for assistance, guidance, putting together their business plans—all the things that investors want to hear about. Business plans, exit strategy, what kind of sales do they have today, where do they see the forecast, do they have any patents—they just help them put together that whole package and then they kind of look to funds like us to listen to those pitches,” says Haji.

According to its website, “Ann Arbor Spark is a non-profit economic development organization committed to growing the Ann Arbor region’s economy.” The group aims to advance the region by encouraging and supporting business acceleration, attraction, and retention at all stages of the business development cycle — from startups to large organizations.

Internally, the Ark Angel Fund plans to use a five-person committee to hear and review pitches, ultimately deciding which projects are funded. Haji and Fund Manager Martin Manna will tap three members of the business community to join them on an ad hoc basis to consider pitches. The three ad hoc members will be selected based on their expertise in the industry being pitched. All Fund investors will be able to dial in and listen to pitches and deliberations, as well as invest directly if they so choose.

The Fund will award between $25,000 and $100,000 per project, beginning after it raises $1 million, a number Haji says the Fund hopes to reach by October 31. The Fund’s ultimate goal is to reach $2 million. At press time it was approaching the $700,000 mark.

Manna, who is an investor in the Fund, told a reporter in September that the plan is to award four to eight projects per year. So far, the Fund has not officially heard any pitches, although committee members did listen in and ask questions on a Spark pitch over Zoom—a preview of sorts.

The end goal is for the companies to scale and sell, returning a profit to investors. For its part, the Fund will use its endeavors to benefit the Chaldean community. “We’re doing this primarily to raise funds for humanitarian efforts for the Chaldean Community Foundation. Our management fee will go toward our humanitarian efforts,” said Haji.

Haji’s background is in manufacturing. He worked for 20 years in the executive offices at Ford Motor Company. He has experience in real estate, logistics and retail. He has engineering degrees from the University of Michigan and Wayne State, along with a Six Sigma Black Belt Certification.

Manna is President of the Chaldean American Chamber of Commerce. He has a history working in the philanthropy industry, and is skilled in nonprofit organizations, business planning, sales, team building and leadership. He has an MBA focused in banking, corporate, finance and securities from Wayne State University.

Together, along with “angel investors” from the community, they hope to build business, build relationships, and build community. It’s the right time.