Investment Process

Our deal screening and decision-making process generally takes between two weeks and 90 days and includes the following steps:



  • Please start by reviewing our Investment Criteria.
  • If you meet our criteria, follow the link to Gust, our online deal management system, and follow the instructions to submit an application.

Initial Review

  • Your application will be reviewed by our Screening Committee and, if a positive consensus is reached, you will be invited to pitch your business opportunity at one of our monthly Screening Meetings in Pittsburgh. 

Screening Meeting

  • At the Screening Meeting, you will be given 20 uninterrupted minutes to present your business opportunities and 15 minutes for Q&A
  • The Screening Committee will vote following your presentation and may recommend you to present to the general Member Meeting.

Member Meeting

  • If you are selected to pitch at the Member Meeting, you will be given 20 minutes uninterrupted to present your investment opportunity and 15 minutes for Q&A.
  • Following your presentation, the investors will have a private discussion and may choose to proceed to due diligence.

Due Diligence

  • Prior to committing to any investments, BlueTree Allied Angels performs a detailed due diligence process lead by our Due Diligence Committee. 
  • Our process, based on NVCA best practices includes several phases, including:
    • Review of all pertinent documents including financial statements, tax returns, articles of incorporation, customer contracts, cap tables and supplier contracts.
    • Meetings with the management team to ask questions and discuss the aforementioned documents.
    • Contacting references including customers, suppliers and former employers.
  • Our findings will be summarized in a due diligence report provided to each of our members.  Upon reviewing the report, members will have the choice whether or not to invest.

Term Sheets and Closing

  • If enough investors are interested following the due diligence phase, we will proceed to term sheet negotiation.
  • If a mutually agreeable term sheet is negotiated, we will then proceed to deal closing.