February 17, 2014 @ 9:21 am

Michigan eLab Invests in Michigan Startups

A perfect storm of talent, ecosystem and history all contributed to Michigan eLab choosing to invest in startups in the state, but it’s a storm that was brewing for some time. Not only did Michigan’s heritage of innovation and engineering compel the founders to choose Michigan, almost all of the founding partners have roots here… and an abiding respect for the tech wizardry that’s emerged from the state.

 

“It’s hard to not be amazed by all of the tech giants that came from Michigan,” Michigan eLab founding partner Doug Neal explained. “Google, iPod, Nest, Twitter, Microsoft, Sun – the amazing talent behind those disruptive companies all came from Michigan. There’s just something about Michigan, whether it be talent or the network of support here or a culture of creating and building things, that make it a natural hub for disruptive technologies and talented entrepreneurs.”

 

Neal, who moved to California after college and soaked up the startup lifestyle, wanted to raise his family in Michigan after selling the startup he founded. And, as much as he wanted to give his family the ideal life, he wanted to give back to the state he’d called home for most of his life.

 

“While in California, experiencing the startup culture and launching my own venture backed tech company, I learned the importance of ecosystem and the power of a strong network,” he explained. “Michigan eLab was founded to bridge the talent, capital and customers from Silicon Valley to Michigan and invest in the next generation of technology startups that exist here.  Most non-Michigan venture funds that come to Michigan do so as part of a broader geographic independent strategy.  Michigan eLab is laser focused on bridging only two locations:  Silicon Valley and  Michigan.”

 

“Michigan is an underserved market, and so many investors continue to fly over our state and they’re missing tremendous opportunities,” Neal added. “We have a passion for that early, messy stage of a startup where there’s tremendous opportunity and where being able to bring the talent, capital and customers together can have tremendous impact.”

 

The firm is focused squarely on those high impact opportunities, specifically in digital health care, big data, mobile and technology that connects the physical world to the Internet, such as wearables, automotive technology and embedded sensors. Its first investment, in the startup Fonemine, reflects its vision for the type of startup that can thrive in the Michigan ecosystem.

 

“Fonemine highlights multiple aspects of the Michigan eLab approach,” Neal explained. “The company is headquartered in Silicon Valley, but we convinced them to open a design center here to tap in to engineering talent in Michigan. We were also able to connect someone from the eLab coaching network – in this instance, David Sergura, founder and CEO of VisionIT – to help the startup move forward. David is an amazing and very successful Michigan entrepreneur who brought expertise in enterprise sales and a large existing customer base to Fonemine. It’s a great example of how Michigan eLab’s network, and the network of expertise in this state, can accelerate the growth of a company we invest in.”

 

Although Michigan eLab just launched a year ago, it completed its first closing last fall. It’s wrapping up the fund raising on Fund I this year, and looking at other exciting investment opportunities.

 

“There are a lot of things that have me geeked for the coming year,” Neal said. “The significant interest from first time venture capital investors to be part of Michigan eLab Fund I is exciting and we’re seeing a growth in disruptive technology companies coming out of the ecosystem in Michigan. From low-powered sensor technology to cloud and virtualization technology.”

 

“It’s the technology that solves really big problems that gets everyone excited, generates interest and delivers outsized returns,” he added. “Michigan eLab is committed to finding, funding and nurturing those startups and we are looking for entrepreneurs that want to change the world!”

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November 5, 2013 @ 4:03 am

MVCA Honors VCs, Deals at Annual Meeting; Names New Chair, Board

FOR IMMEDIATE RELEASE – November 5, 2013 – Ann Arbor, Mich. – At its annual meeting, the Michigan Venture Capital Association (MVCA) awarded Best Financing to Esperion, the MVCA 100 to FutureNet, Best Exit to Pioneer Surgical Technology and Lifetime Achievement to Tom Kinnear.  It also announced its 2014 executive committee and board of directors.

 

“The last year affirmed Michigan’s reputation as a destination for innovation-based businesses and the VCs that back them,” said Carrie Jones, MVCA’s executive director.  “Even as venture capital declined nationally, access to capital increased in Michigan. There are amazing companies accomplishing amazing things here, and MVCA’s annual meeting is a chance to celebrate those individuals and organizations that are part of that success story.”

 

Esperion, a clinical-stage biopharmaceutical company focused on developing and commercializing first-in-class, oral, low-density lipoprotein cholesterol (LDL-C) lowering therapies for the treatment of hypercholesterolemia, was honored with MVCA’s Financing of the Year award.  In June, Esperion issued an initial public offering of 5,000,000 shares of its common stock on the NASDAQ Global Market.

 

MVCA honored FutureNet with its 100 Award for achieving $100 million in revenue this year. FutureNetGroup is a Detroit-based energy and environmental, construction, technology, and security company that provides infrastructure improvement and protection through innovative technologies.

 

Pioneer Surgical Technology was awarded by MVCA as the Best Exit. In 2013, the Marquette-based company was successfully acquired by RTI Biologics. The acquisition created a global surgical implant company positioned for growth in orthopedics and biologics.

 

Tom Kinnear was honored by MVCA for his lifetime achievement. Kinnear is the D. Maynard Phelps Collegiate Professor of Business Administration and Professor of Marketing at the University of Michigan Ross School of Business.  He previously served as executive director of the Samuel Zell and Robert H. Lurie Institute for Entrepreneurial Studies. In addition to his teaching, Kinnear supports the U-M Office of Tech Transfer and is chairman of the state-backed Venture Michigan Fund. He also is active in the entrepreneurial community as a co-founder, advisor, angel investor, and Board member of startup companies, including: Network Express, BlueGill Technologies, Accuri Instruments, Avail Networks, Avidimer Therapeutics, Mobius Microsystems, Janeeva, nanoCerox, and NanoBio. He is also a limited partner in Apjohn Ventures, Arbor Partner Ventures, Arboretum Ventures, EDF Ventures, and RPM Ventures. He is a member of the investment committee for EDF Ventures and for Arboretum Ventures.

 

At its annual meeting and awards dinner, MVCA also announced its 2014 board of directors.  Jim Adox of Venture Investors will serve as the organization’s board chair.  Other board members serving 2014-2015 are:

  • Josh Beebe, MK Capital
  • Hugo Braun, North Coast Technology Investors
  • Pete Farner, TGap Ventures
  • Patricia Glaza, Arsenal Ventures
  • Tony Grover, RPM Ventures
  • Mark Horne, Plymouth Venture Partners
  • Tom Kinnear, University of Michigan Ross School of Business
  • Jon Lauckner, GM Ventures
  • Mark Olesnavage, Hopen Life Sciences Ventures
  • Tim Petersen, Arboretum Ventures
  • Jeff Rinvelt, Renaissance Venture Capital Fund
  • Ted Serbinski, Detroit Venture Partners
  • Skip Simms, Ann Arbor SPARK
  • Jody Vanderwel, Grand Angels

 

About the MVCA
The MVCA is a non-profit trade organization designed to bring together venture capital industry participants in the state of Michigan.  The organization’s goal is to grow and sustain a vibrant venture capital community in Michigan.  Membership includes private venture capital funds, corporate venture capital funds, private equity firms, angel investors, and entrepreneurial infrastructure participants.  The MVCA is a vehicle to bring together industry participants and to provide a concerted voice for Michigan’s venture capital industry.  www.michiganvca.org

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July 24, 2013 @ 11:28 pm

Beringea Attributes 25-Year Success to Seeing Things a Little Differently

Ask Beringea founder and managing partner Charlie Rothstein what makes doing business in Michigan different and you’ll get a quick, candid answer.  “We don’t follow the herd and trip over competitors like you would on the coasts.  We collaborate and we cheer for each other, and that makes us different than the rest of the world.”

 

Looking beyond the Great Lakes has provided Beringea with terrific perspective and unparalleled opportunities for investing, but the firm’s roots in Michigan are the strong foundation on which it’s continued to thrive.  Beringea chose to call Michigan home because unlike others, it saw the state as offering amazing potential for those willing to take a chance and start here.

 

“People outside of Michigan wondered what we were doing starting here,” Rothstein said, recalling Beringea’s humble beginnings in his basement 25 years ago.  “That always struck me as the wrong question because the answer is so obvious: In order to be successful, you have to see things different than the rest of the world.  In Michigan, we don’t give up when things are tough, which is a huge advantage for entrepreneurs that will get knocked down a lot in the early stage of business.  Knowing these companies will get off the mat and persevere makes them a really attractive investment opportunity.”

 

That eye on Michigan’s strengths has helped Beringea find great investment opportunities that those outside of the state are missing.  Recently, it backed Fiber Byproducts, a Michigan company that recycles wood waste.

 

“Fiber Byproducts is based on a smart, simple concept that’s in great demand,” Rothstein said.  “The company takes scrap wood from construction business that would otherwise go to waste and recycles it for wood pellets used in heating stoves as well as mulch, wood chips, and other consumer products.  Investing in Fiber Byproducts gives Beringea the chance to support a company that’s innovating a clean, cheap, sustainable fuel, and commercializing a Michigan-made product.  Fiber Byproducts is a great investment because it created an in-demand product but needed capital to take business to the next level.”

 

Identifying and embracing those attractive investment opportunities has helped Beringea become a partner of choice for entrepreneurs in a range of business sectors including media, healthcare, clean technology and IT. Today, the firm has offices in Detroit and London, more than 60 companies in its portfolio, and more than $525 million under management.

 

Recently, the firm’s portfolio has been boosted by a few major wins.  Beringea investment Pioneer Surgical Technology was acquired by RTI Biologics Inc. for $130 million. Earlier this year, the firm was also part of a $5 million investment round in Abe’s Market, an online store for natural and organic products.

 

Looking forward, Rothstein is as enthusiastic about the future now as he was 25 years ago.  “We are seeing an economy nationally and locally that has stabilized,” he said.  “In Michigan, we’ve laid the groundwork and now’s our opportunity to show that we’re home to great VCs and great companies.”

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June 10, 2013 @ 7:12 pm

Mercatus Introduces FICO Score Equivalent for Energy Projects, Raises $2M Series A

Ann Arbor-based Augment Ventures was part of a recent $2 million Series A investment in Santa Clara, Calif-based Mercatus.  Mercatus offers Origination and Syndication Management for the energy project finance industry, helping investors make asset-class portfolio decisions.


Of the investment, Augment Ventures founder and managing director Sonali Vijayavargiya said, “Mercatus is well-positioned to transform analytics for distributed energy generation projects by delivering consistent, traceable and measurable metrics to investors and project developers. Rapid deployment of Mercatus will bring standardization to the investment process and documentation, resulting in faster capital allocation, increased return on capital and much needed liquidity to the sector.”

 

As distributed generation projects eclipse utility-scale, investors turn to Mercatus for a single point of truth

Santa Clara, Calif. – June 10, 2013 – Mercatus, Inc., a provider of Origination and Syndication Management for energy investors, today announced that it has raised a Series A funding round totaling more than $2 million. Led by Vision Ridge Partners, the round includes investment from Augment Ventures and Shah Capital. Since its 2009 inception, Mercatus, formerly SCS Renewables, has assessed over 3.2 GW of solar projects, while enabling $250M in investments and transactions. It currently serves more than 40% of the U.S. commercial and utility solar markets and counts the industry’s top global developers, institutional investors and independent power producers as customers.

 

“Today’s distributed energy industry is facing a significant challenge: how to rapidly deploy capital to projects,” said Reuben Munger, Managing Partner at Vision Ridge Partners. “By applying best practices and standardization to this critical piece of the value chain, Mercatus is accelerating fund decisions and enabling the creation of effective pooled investment vehicles.”

 

The Industry’s First FICO Score Equivalent for Energy Projects

The energy world has seen massive shifts in the last 12 months. While cost of technology and installation have fallen dramatically, one factor has remained constant—the high cost of financing. Developers, tasked with originating bankable projects, are failing to attract capital as evidenced by abysmal closure rates of 3-5% annually. And energy investors, lacking the resources, best practices and in some cases, domain expertise, to make expedient decisions are simply not deploying capital.

 

To solve this gap between the two worlds, Mercatus introduced Origination and Syndication Management. Based on four years of due diligence and transactions with 40 of the top U.S. financial organizations, the Mercatus platform translates those key investment and underwriting criteria into the first consistent and common language for developers and investors to assess, appraise and ultimately syndicate project portfolios. Developers simply load project information onto the Mercatus platform and 48 hours later, the project receives the industry’s first FICO score equivalent, which is visible to developers and investors alike. The Mercatus platform is based on a proprietary appraisal methodology that rates eight key categories, which provides a holistic assessment of each project’s economic and risk profile and acts as a single point of truth for investors as they race to find the best projects. Developers, who once struggled to understand investors’ criteria for bankability, now have a transparent view of what makes a project financeable, while energy investors looking to find the best projects first depend on the Mercatus FICO-like score to accelerate decision-making and reduce diligence inefficiencies for optimal aggregation and syndication.

 

“As Wall Street begins to eye the industry as an emerging asset class, a sophisticated solution for end to end Origination and Syndication Management is needed to help the industry reach its full potential, both as a mainstream source of distributed generation and a viable asset class,” said Haresh Patel, CEO of Mercatus. “Our comprehensive solution slashing financing costs of energy projects by up to 50% and provides a bridge for more than $35T of institutional investment into energy infrastructure projects.”

 

About Mercatus

Mercatus is a leading solutions provider for the energy project finance industry, offering Origination and Syndication Management for investors looking to making asset-class portfolio decisions.  Answering the call for deal standardization, Mercatus has introduced the energy industry’s first project appraisal —or single point of truth—of each project’s risk and reward score. Mercatus’s new standardized approach to the appraisal, aggregation and syndication of individual projects provides the critical transaction interface the buy and sell sides have been waiting for. Please visit us at www.gomercatus.com.

 

###

Media contact:

mercatus@missionCTRLcommunications.com

415-601-9645

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April 18, 2013 @ 10:47 am

RPM Ventures Hires Josh Lin As Part Of Michigan Venture Fellows Program

MVCA member RPM Ventures recently hired Josh Lin as part of the Michigan Venture Fellows Program. Lin is serving as an associate with the firm.

 

Prior to joining RPM Ventures, Lin was a senior consultant in strategy and transformation at IBM Global Business Services. In this role, Lin was part of the customer value strategy practice, which led the acquisition of a $5 billion semi-conductor manufacturing client. He was also co-founder of Nexecon Consulting Group in Ann Arbor.

 

“I believe that start-up companies bring ideas to this world that invoke innovative growth, and the capital, expertise, and resources venture firms provide help make these ideas real,” Lin said. “I am energized by entrepreneurism and being a Michigan Venture Fellow affords me the opportunity to work with entrepreneurs everyday. In this capacity, I can be an active participant in bringing these ideas to the world, rather than sit as an observer peering in through the news.”

 

The Michigan Venture Fellows Program provides emerging leaders a chance to work full-time for a Michigan-based venture firm for 18-24 months.

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April 9, 2013 @ 8:20 pm

Study of Michigan’s Capital Markets RFI Deadline April 15

Michigan Economic Development Corporation (MEDC) is preparing to release a Request for Proposals (RFP) for a study covering the entire capital continuum in Michigan. The study will be designed to assess the strengths, weaknesses, opportunities and threats in the capital markets in Michigan.

 

Within the MEDC, the Capital Markets group is responsible for increasing the availability of capital for Michigan companies, primarily through market-driven strategies that work directly with private sources of capital. When state intervention is appropriate the MEDC works directly with private capital sources in the target area(s) to craft and execute viable solutions.

 

Generally, the RFP will seek proposals for a study focusing on the following areas:

  • Capital available for operating companies at all stages of the Capital Life Cycle
    o Including pre-seed, seed, angel, venture, and private equity, mezzanine and bank/bond capital
  • Capital available for investment real estate including pre-development, project equity, mezzanine, construction, and permanent debt

Click here for more information and guidelines.

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February 20, 2013 @ 8:48 am

Hopen Life Science Ventures’ Expert Team Committed to Creating Culture of Innovation in Michigan

Founded by a team with deep roots in life sciences, Hopen Life Science Ventures is shining a light on all that the Midwest has to offer young healthcare companies. Between its two funds, Hopen manages more than $65 million, which it prefers to invest in the region. Hopen is headquartered in Grand Rapids and recently opened an office in Cleveland.

 

Hopen Life Science Fund I invested in a portfolio of seven companies that have raised over $110 million of total syndicated investment. The Fund I portfolio attracted the attention of other private investors in the region who wanted to invest with Hopen. Hopen Life Science Fund II was formed in 2011 and now totals $40 million.

 

“We believe the network of expertise at Hopen is a huge differentiator and an advantage. The Hopen team grew up in life science, and we apply these experiences to the deals we consider,” said Mark Olesnavage, a managing director at Hopen. “We are proud that we can use our technical expertise and experience to invest in early to mid-stage life science companies – investments that are viewed as inherently risky.”

 

With healthcare budgets under the microscope, Hopen is particularly sensitive to innovation that lowers total costs. That strategy recently led the firm to participate in a syndicate with fellow Michigan VC firm Arboretum Ventures, co-investing in Fidelis. Fidelis, based outside of Chicago, offers an innovative approach to address the individual needs of patients dually eligible for Medicare and Medicaid. The investment, which is a departure from Hopen’s historical investments in segments like drugs and devices, was made possible because of the firm’s team of advisors and their extended networks.

 

Hopen’s other recent investments include companies in Michigan and throughout the Midwest:

  • Tolera Therapeutics, based in Kalamazoo, Mich., is developing its lead drug for induction during kidney transplantation. The drug has completed Phase II and should be ready to begin Phase III late this year.
  • Metabolic Solutions Development Company (MSDC), a Kalamazoo, Mich.-based developer of novel therapeutics for metabolic diseases, whose first two drugs for type-2 diabetes are currently in phase 2 clinical trials.
  • NeoChord, based in Minnetonka, Minn., a medical device innovator aimed at mitral valve repair in the heart, which is conducting an ongoing clinical trial in Europe.
  • Transcorp Spine, a Grand Rapids medical device company providing solutions for compressions of the cervical spine, which is in the beginning stages of developing regional commercial sales.
  • Intervention Insights, a bioinformatics platform developed in Grand Rapids, informs personalized cancer therapies.

 

To Olesnavage and the team at Hopen Life Science Ventures, the future looks bright.  “We’re bullish about the future,” he said.  “We are confident in our team and our strategy, and that includes our commitment to the Midwest. Syndicating capital here by building the reputation of what’s here is a huge opportunity. The more success stories the region can have, the stronger our case.”

 

“Individuals in the Midwest and Michigan have a strong work ethic and sense of values that make companies here an attractive investment,” he added. “People are willing to work hard, but at the end of the day, it’s about creating a culture where people are willing to take a chance and innovate. We’re heading in that direction, and that’s exciting.”

 

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February 13, 2013 @ 8:41 pm

InvestMichigan! Program Co-Managers Beringea And Credit Suisse’s Customized Fund Investment Group Announce The $180 Million Michigan Growth Capital Partners II, L.P.

DETROIT —Beringea and the Credit Suisse Customized Fund Investment Group (“CFIG”) have launched Michigan Growth Capital Partners II, L.P. (“MGCP II”), a $180 million fund dedicated to providing growth equity to Michigan companies.  The new fund follows on the success of Michigan Growth Capital Partners (“MGCP”), L.P., launched in 2008 as part of the $300 million InvestMichigan! Program.

MGCP II will provide equity capital to growth-oriented businesses, led by talented managers at or near profitability.  Prospective businesses may participate in a range of dynamic sectors, including but not limited to: advanced materials and manufacturing, health care and life sciences, media and communications, specialized consumer goods, homeland security, IT and clean technology. The fund’s objectives include providing a compelling return to investors, retaining and attracting growth businesses to Michigan; nurturing portfolio companies at each phase of development; enhancing Michigan’s reputation for entrepreneurship; attracting leading regional and national private equity and venture capital investment funds to Michigan, and further developing Michigan’s entrepreneurial ecosystem.

MGCP co-managers Beringea and CFIG have reviewed more than 1,200 deals since the InvestMichigan! Program’s inception in 2008.  MGCP has invested in 28 companies employing more than 5,000 in Michigan.

For more information on the Michigan Growth Capital Partners II and the InvestMichigan! Program, please visit www.investmichiganfund.com.

About Beringea

Beringea, Michigan’s largest and most active expansion-stage capital investor, offers advice, guidance and capital to support growing businesses. With offices in the U.S. and UK, Beringea’s award-winning team offers its portfolio companies the resources to develop strategy, evaluate growth opportunities, and build value in a range of sectors, including health care and life sciences, clean technology, advanced manufacturing, media, Internet technologies and specialized consumer products. Beringea is the co-manager of Michigan Growth Capital Partners Funds and the Michigan Growth Capital Partners Mezzanine Fund in the U.S., as well as the ProVen VCT family of funds in the UK, among others.

www.beringea.com.
About the Customized Fund Investment Group

The Customized Fund Investment Group is one of the world’s leading managers of private equity investment programs, with approximately $29 billion of client commitments under management.  CFIG’s team is comprised of over 120 professionals, and the group’s senior investment professionals have extensive backgrounds in managing private equity portfolios at leading public and corporate pension plans. Credit Suisse’s extensive transaction experience, which includes coverage of many top-tier private equity sponsor groups, facilitates CFIG’s access to and analysis of many leading fund investment and co-investment opportunities. CFIG seeks to facilitate access to top quartile private equity managers and will bring its institutional expertise and due diligence capabilities to bear in constructing well-developed private equity portfolios for its clients. CFIG manages or co-manages over $625 million of capital dedicated to investing in Michigan including the Invest Michigan Growth Capital Fund, Invest Michigan Mezzanine Fund, Venture Michigan Fund and Michigan 21st Century Investment Fund.

www.credit-suisse.com

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January 18, 2013 @ 11:37 am

Huron River Ventures Invests In Digital Cleantech, Michigan’s Future

It only takes five minutes with Tim Streit to get excited about Michigan’s potential.   The venture capitalist could easily be the state’s chief evangelist.

 

“People who don’t know what’s happening here think I’m crazy for being so enthusiastic about Michigan,” Streit explained. “From even the most pragmatic, reserved viewpoint, all I see is potential; Michigan has everything it takes to nurture a healthy start-up ecosystem. You can see momentum building statewide from Grand Rapids to Detroit.”

 

It’s that view that compelled Streit to leave a comfortable corporate position at HSBC to co-found Huron River Ventures with Ryan Waddington in 2010.

 

Huron River Ventures, which has offices in Grand Rapids and Ann Arbor was funded initially by Michigan’s $6 million Accelerator Fund Program. It’s on track to finish fundraising in the $12 million range. With that money, the firm has focused on making $250,000-$1 million seed investments in early-stage, Michigan-based companies. The firm is keen on investing in energy efficiency technologies, digital cleantech – IT enabled solutions to global resource constraints – and smart transportation. Tim’s background building software-as-a-service businesses combined with Ryan’s background investing in energy technologies was a perfect complement.

 

“In 2010, we had hypothesis about the future of technology: With the right backing, the talented minds and businesses in Michigan could help redefine the energy economy for the world market,” Streit explained.  “It was the perfect time to start Huron River Ventures; Michigan-based entrepreneurs were struggling to attract coastal VCs, who didn’t understand what they were missing.”

 

Huron River Ventures’ portfolio reflects this vision of the future through its investments in digital cleantech companies like SideCar and FarmLogs as well as energy efficiency technologies like Ambiq Micro and OptoAtmospherics.  It also reflects the firm’s commitment to Michigan: FarmLogs and OptoAtmospherics are based in the Ann Arbor region. SideCar and Ambiq Micro are both spin-outs from the University of Michigan that have expanded outside of the state.

 

Three years later, the rest of the world is catching up and recognizing that energy efficiency and digital cleantech are the future. “We are really proud of our co-investors, including Google Ventures, Lightspeed Ventures, Mercury Fund, Rockport, First Step Fund and others that can help us propel these world-changing innovations forward,” Streit added. “Huron River Ventures is bringing real value to our portfolio companies, and Michigan’s economy, by attracting these other sources of capital.”

 

“Huron River Ventures looks for investments that not only show growth potential and will deliver ROI, but also for those that show potential to change the world,” said Streit. “We’ve found these great opportunities here in Michigan, and know that there are more to come. The researchers, engineers and technologists here, combined with an unbeatable work ethic and wealth of ingenuity, make early-stage Michigan companies a winning investment opportunity.”

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July 3, 2012 @ 3:51 am

Pure Michigan Venture Development Fund Taking Applications

The Michigan Strategic Fund (MSF), through the Pure Michigan Venture Development Fund (PMVDF), will assist in the growth of the venture industry in Michigan by increasing the number of viable venture funds in the state.

To qualify, applicant venture funds are required to have raised $1 million in private capital from at least three unrelated investors at the time of application, which must be evidenced by signed investor commitments. Funds that have raised more than $25 million are not eligible to apply. Funds with target sizes greater than $50 million will not qualify for this Program.

“The Pure Michigan Venture Development Fund will be a valuable tool in helping to grow the venture industry in Michigan,” said MEDC President and CEO Michael A. Finney. “Increasing the number of venture funds here will lead to the development of new innovation companies, greater economic growth and ultimately, more and better jobs.”

Applications will be accepted from June 28- July 31.

Read the story on GLITR.

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The MVCA is a non-profit trade organization designed to bring together venture capital industry participants in the state of Michigan. The organization's goal is to grow and sustain a vibrant venture capital community in Michigan.
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