# Harvard Business School Angels Chicago

Harvard Business School Angels Chicago is an Angel Network based in Chicago, United States.

## Overview

- **Organization type:** Angel Network
- **Headquarters:** Chicago, United States
- **Region:** North America
- **Address:** Chicago, IL, United States
- **Founded:** 2014
- **Assets under management:** Undisclosed
- **Website:** www.hbsangels.com
- **LinkedIn:** https://www.linkedin.com/company/harvard-business-school-angels-chicago

## Regulatory record

- **Reports private funds:** No

## About

Harvard Business School Angels Chicago (HBSA Chicago) was founded in 2014 as an alumni-run angel network connecting HBS graduates with early-stage investment opportunities. It operates as one of several regional chapters of the broader HBS Angels group, which has similar networks in Boston, New York, San Francisco, and Washington DC. Strategy focuses on direct equity investments in seed-stage and Series A companies across a range of sectors, with particular concentration in enterprise software, digital health, AI/ML, fintech, industrial tech, and climate technology. The network does not operate a commingled fund; each member selects which deals to participate in, allowing individual portfolio construction. Portfolio companies disclosed on public record include Sweat (fitness wearables), OJO Labs (real estate AI), Burst (oral care), and GoKid (carpool app). Investments are concentrated in the Great Lakes region, with some coverage of the broader Midwest. The network reports having deployed over $10 million in total capital since inception, with a typical check size per member ranging from $25,000 to $100,000 per round — though members can syndicate larger amounts. Approximately 60 HBS alumni are active in the Chicago chapter. The group maintains ties to Harvard Business School but is financially independent, receiving no direct funding from the university. A structural differentiator is HBSA Chicago's reliance on alumni pedigree as a deal-sourcing filter — the network taps a curated pool of HBS graduates with operating experience in the Midwest's startup ecosystem. This contrasts with purely open angel groups, giving members access to deals that are often vetted by their own peer network.

## Sectors

- Enterprise Software
- Digital Health
- AI/ML
- FinTech
- Industrial Tech
- ClimateTech

## People

- David M. Cohen — Co-President
- Katherine H. Choi — Co-President

## Questions

### How does HBSA Chicago source proprietary deal flow?

Deal flow originates from the network's HBS alumni base, combined with referrals from other Midwest angel groups and accelerators. Members often source deals from their own operating companies or second-degree networks.

### What investment stages does HBSA Chicago typically target?

The network focuses on seed-stage and Series A rounds, with occasional participation in pre-seed or later-stage pro-rata rounds. Standard check sizes range from $25,000 to $100,000 per member per deal.

### Which sectors does HBSA Chicago explicitly avoid?

The network has no formal exclusion list but historically avoids heavily regulated industries like biopharma and direct real estate, preferring scalable software and tech-enabled services (public record).

### How does HBSA Chicago relate to the broader HBS Angels network?

HBSA Chicago is an independent chapter of HBS Angels, a national umbrella. Other chapters exist in Boston, New York, San Francisco, and Washington DC. Each chapter operates autonomously with its own leadership and deal criteria.

### Does HBSA Chicago accept investments from non-HBS alumni?

Membership is limited to HBS alumni who are accredited investors. The network does not accept capital from non-HBS affiliates, though they do co-invest with other angel groups and venture firms on specific deals.

## Related profiles

- [Candle Media](https://altss.com/profile/candle-media)
- [VoicePunch](https://altss.com/profile/voicepunch)

---

Last updated: 2026-06-03T20:00:00.000Z

Canonical page: https://altss.com/profile/harvard-business-school-angels-chicago

Maintained by Altss — https://altss.com — methodology: https://altss.com/methodology