Investors award Tallyfor $145,000 in equity-backed funding while Armadillo Designs wins $1,000 for the Audience Choice Award at the AngelCon 2021 event.
June 11, 2021 (San Luis Obispo, CA) – The Cal Poly Center for Innovation and Entrepreneurship (CIE) Small Business Development Center (SBDC) is proud to announce the results of its 4th annual AngelCon pitch competition. On June 10, 2021 accounting software startup, Tallyfor, was awarded $145,000 in equity investment as the winner of AngelCon 2021.
AngelCon is a culminating event that brings together Central Coast tech-based startups who receive training and mentorship through the SBDC and dedicated angel investors who participate in the evaluation, due diligence, and selection process of AngelCon applicants leading up to the live event. Participating startups are seeking investment in exchange for ownership equity or convertible debt to help grow their businesses.
Tallyfor competed with six other startups to an audience of 30 investors and nearly 200 attendees. Led by CEO Peter Wen, Tallyfor has created an innovative cloud-based software solution for tax professionals to automate the process of passing accounting data to the IRS.
“Winning AngelCon 2020 and the investment capital is going to launch Tallyfor into growth mode,” said Peter Wen, CEO at Tallyfor. “The tax industry was ripe for disruption of sorts — tax preparation needs to move out of the age of dinosaurs and into the 21st century. We’ve solved this problem, a problem that will save accounting firms time and money. We are humbled to be awarded the $145,000 and look forward to guidance from the investor team.”
Also at AngelCon, Armadillo Designs, a designer of customizable truck shells, landed the Audience Choice Award funded by a crowdfunding campaign that generated $1,000 in prize money for the startup.
“AngelCon has become a keystone event for the Central Coast’s business community,” remarks Judy Mahan, CIE Economic Development Director. “It brings together entrepreneurs, cutting-edge companies, and seasoned investors, with the ultimate goal of helping companies thrive in our region. The long term economic impact to the region is far-reaching.”
AngelCon 2021 was presented by Pacific Premier Bank and sponsored by Entrada Ventures and Relentless Management Group. A recording of the live-streamed event is now available at http://bit.ly/angelcon21.