While national venture capital investing decreased in 2022, Michigan continued to show strength with $1.2B invested into Michigan-based companies--an increase of 12 percent over 2021. Within the Great Lakes region, Michigan has been accelerating in venture capital activity with a growth rate of 13.7 percent since 2006, slightly higher than the region’s overall 11.7 percent and the national rate of 10.8 percent.
The 2023 MVCA Research Report highlights a downward trend in funding for the earliest-stage startups which demonstrates the need to increase the amount of capital available in Michigan to ensure the success of companies at all levels. The report highlights the need for the State of Michigan to invest in resources to maintain and grow a strong pipeline through all stages of growth and funding in support of new companies..
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