LAN Announces Most Successful Exit in Group’s History

For angel investors, an exit is an opportunity to sell their shares in a company to receive a return on their investment. Members of the Lubbock Angel Network have received an exit from software company Onit. The Houston-based firm, who provides enterprise-level solutions to better manage workflows, has received a secondary investment from a private equity firm which also acquired the positions of previous investors, including those of the Lubbock Angel Network (LAN). 

Onit creates solutions that transform best practices into smarter workflows and operational efficiencies for legal, compliance, sales, IT, HR and finance departments in organizations. Members of LAN provided a portion of Onit’s funding alongside Houston Angel Network, Austin Ventures, and other investors across Texas to accelerate Onit’s growth. The acquisition of Onit will provide Lubbock Angel Network investors with a return of just over 5x after only three years invested.

“Our members’ investment in Onit is a powerful example of how the angel networks in Texas can work together to fund a great company,” said Ryan Reber, Executive Director of the Lubbock Angel Network. “Our group is a member of the Alliance of Texas Angel Networks (ATAN), which works to share deals between angel networks across the state,” Reber continued. “Through collaboration, local groups have a platform to not only find quality dealflow for their members, but also to advocate for investment in homegrown companies.”

The Lubbock Angel Network is a membership-based investment group founded in 2015 to organize private investment capital and provide logistical support for its membership in sourcing, vetting, and communicating with potential investment opportunities. Through syndication partners across Texas and the United States, LAN meets approximately eight times annually at the Texas Tech Innovation Hub to hear investment pitches from CEOs representing a variety of startups. LAN members make individual investment decisions, but the group tracks a cumulative portfolio of over $3 million invested in 22 companies. Five of those portfolio companies are headquartered or heavily active in Lubbock, accounting for more than 75 jobs in the Lubbock economy.

Angel investors fill an important role in any entrepreneurial ecosystem. Once a company is up and running, angels often provide the capital needed to scale the business to profitability and reach a stage of growth that makes it more attractive for acquisition by larger companies or venture capital firms. Angel investors often assume greater risks by investing in earlier stage startups, but with the potential to reap greater returns once companies are acquired.

 “The Houston Angel Network led in Onit’s initial investment and subsequently approached LAN about investing in the company. The members of ATAN conduct investor due diligence and negotiate terms on the deals they lead. By the time it came to LAN there was thorough due diligence already completed and the deal terms were favorable for investors. It’s how the process should work when ATAN members share deals and we are excited to see an exit from the process,” Ryan concluded.

The Lubbock Angel Network is the only organized investment group in the region and is always open to new member and sponsor relationships. LAN’s 2019 meetings begin in February, for more information contact Ryan Reber at or visit

Be An Angel Get Funded
Contact Us   |   1.800.4455
about getting your project funded
Submissions for funding must apply for pre-screening. Funding applications submitted via this contact page will not be accepted and immediately deleted.

© 2018 Lubbock Angel Network | Privacy Policy
Crafted with care by Primitive Social