An Indiana seed fund program says it has realized an annual return of more than 150 percent from its first investment. The Indiana Angel Network says the gains from its funding of Jada Beauty will be re-invested in other Indiana companies.

September 20, 2013

News Release

Indianapolis, Ind. — The Indiana Angel Network Fund (the Fund) reached a major milestone with a realized annual return of more than 150 percent from its very first investment. The returns, which benefit the state of Indiana and its taxpayers, were reached within 18 months of launching the Fund.

The Indiana Angel Network Fund is a seed and early-stage co-investment program under the U.S. Department of Treasury's State Small Business Credit Initiative managed by Elevate Ventures in partnership with the Indiana Economic Development Corporation. The Fund is dedicated to supporting and investing in innovative businesses with high growth potential in Indiana. The Fund uses a capital-plus-assistance model through utilization of Entrepreneurs-in-Residence. It currently has two sub-programs that focus on women and minority businesses as well as underserved geographic areas.

Jada Beauty, a company focused on providing personal style resources, was the Fund's first investment. Founded and managed by two women entrepreneurs, Janell Shaffer and Danielle McDowell, Jada Beauty quickly grew from an idea to a sizeable e-commerce platform.

“As first-time entrepreneurs, both exemplified the type of entrepreneurial success that would inspire many Indiana entrepreneurs,” said Eric Doden, president of the Indiana Economic Development Corporation. “We are thrilled that the knowledge and wealth created through this entrepreneurial maturation process stays here, continuing to foster our entrepreneurial community and contributing to Indiana's job and economic growth.”

Through this investment, the Fund realized more than 150 percent annual returns to date, which will be used to reinvest in innovative and promising Indiana companies, one of the pillars of the Fund's return-and-reinvest model.

Jada Beauty plans to expand further in Indiana, including hiring additional marketing, sales and technology talent.

About Jada Beauty

At Jada Beauty, we make discovering and buying your favorite beauty products easier then ever. Shop a variety of brands, discover new products and trends, and be inspired by our expertly curated techniques and tools – while supporting and discovering local salons and stylists. Jada Beauty is a site dedicated to creating the connection to great hair. Founded by two techie girls who were obsessed with hair, but frustrated that there weren't more resources out there to find what they call the 'trifecta' of perfect hair: A perfect style. A perfect stylist. The perfect products.

About Elevate Ventures

As a private venture development organization Elevate Ventures is committed to helping emerging, high-potential business opportunities find capital and receive expert guidance to become successful, Indiana companies. Established in 2011, Elevate Ventures leverages its statewide, deep bench of dedicated entrepreneurs and investment experts to vet entrepreneurial opportunities and identify those with high potential and high growth.

About IEDC

Created in 2005 to replace the former Department of Commerce, the Indiana Economic Development Corporation is governed by a 12-member board chaired by Governor Mike Pence. Victor Smith serves as the Indiana Secretary of Commerce and Eric Doden is the president of the IEDC.

The IEDC oversees programs enacted by the General Assembly including tax credits, workforce training grants and public infrastructure assistance. All tax credits are performance-based. Therefore, companies must first invest in Indiana through job creation or capital investment before incentives are paid. A company who does not meet its full projections only receives a percentage of the incentives proportional to its actual investment. For more information about IEDC, visit

Source: Indiana Economic Development Corp.

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