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Angel investors see record returns from Gainesville photo processors

Naples-based Tamiami Angel Fund hits its biggest return.

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  • | 12:00 p.m. July 1, 2021
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  • Charlotte–Lee–Collier
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A fund within Tamiami Angel Funds recently sold its shares of a Gainesville tech company that processes photos,pocketing 10 times its investment. Timothy Cartwright, chairman of the Naples-based fund, says in a press release the deal was the “largest exit value to date for any portfolio company in in Tamiami Angel’s family of four funds.”

The investment was in Fracture, a company that, rather than printing pictures on paper, prints them directly to glass and ships them to customers ready to be hung. Fracture has shipped more than 1 million orders worldwide. It was founded in 2009 and had $28.8 million in revenue for fiscal 2020. It was started by two friends and employs about 100 people.

Summit Partners Growth Equity Fund X became the majority stakeholder in Fracture earlier this year.

Tamiami Angel Funds I first invested in Fracture in 2012.

Officials with the fund wouldn’t say how much it put in, but The Gainesville Business Report wrote in 2014 that the original investment was for $410,000, followed by a second infusion two years later of $900,000.

Tamiami Angel was founded in 2008 by Fifth Avenue Advisors, which is the fund's administrator.

It’s made up of four funds that “allow high-net worth individuals and families to invest in promising early-stage and expansion-stage companies.” While companies nationwide are considered for investments, there is a “preference for those in the state of Florida.”

The four funds have 145 members that have invested $18.7 million in 31 portfolio companies, a spokeswoman for Tamiami Angel Fund says. Tamiami Angel Fund IV, which opened last year, currently has 33 members and will take new subscriptions through 2021.

In the press release, Fracture's CEO Abhi Lokesh says his company was "pleased to deliver more than 32% internal rate of return for Tamiami Angel Investors."


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