Back to Blog April 11, 2016 in

2016 MVCA Research Report shows venture capital, angel investors are driving economic growth in Michigan

Navigate all the resources featured in the Landscape Guide by geographic location, industry sector, and organization type. Landscape Guide
Everything you need to know to make a meaningful first connection can be found in our 2021-22 Landscape Guide! Download the Guide

2023 MVCA Research Report

Our state's entrepreneurial economy hinges on our ability to provide capital to our high-growth, high-potential companies. Download the Report

View the NEW 2016 MVCA Research Report Here!

FOR IMMEDIATE RELEASE APRIL 11, 2016 – ANN ARBOR, MICH. — Venture capital firms and angel investors in Michigan have firmly established their role in jump-starting and sustaining Michigan’s economic recovery and they continue to build on the momentum needed to create more companies and new jobs in Michigan, according to the Michigan Venture Capital Association’s (MVCA) 2016 Research Report.  The in-depth analysis of entrepreneurial and investment activity in the state indicates steady and consistent growth and success in Michigan, in many cases outpacing national trends.

website - Maureen Headshot
Maureen Miller Brosnan, Executive Director, MVCA

“With 15 years of comparative data, contributed by 100+ member organizations actively invested in over 140 Michigan businesses, it is clear venture capital and angel investors are integral to Michigan’s ability to continue its economic comeback.  Michigan’s early-stage investors are fueling job growth and innovation at a time when the entrepreneurial and investment community nationwide is stagnating,” said Maureen Miller Brosnan, executive director of MVCA.

MVCA continued its analysis of the impact of diversity in the entrepreneurial and investment landscape with a more in-depth study done in collaboration with the University of Michigan Law School.  The MVCA Diversity Study revealed that Michigan is seeing success and profits from teams led by people of color, LGBTQ and female professionals within the entrepreneurial and investment landscape, but much progress still needs to be made to achieve the benefits associated with a truly diverse community.

“Michigan, along with the rest of the nation, is seeing success and profits from diverse professionals within the entrepreneurial and investment landscape.  However, statewide funding data suggests these companies led by underrepresented groups may be systemically underfunded.  Michigan still has plenty of work to do.” said Brosnan.

2016 MVCA Research Report Key Findings:

Venture Investment Nationally:

  • The number of venture capital firms headquartered in Michigan, their total capital under management, and number of venture capital investments made in Michigan has doubled and in some cases tripled. Nationally these numbers have decreased.
  • The Great Lakes Region, powered by a decade of tremendous growth in the entrepreneurial and investment community, has become a major player on the national venture capital investing stage.
  • The Great Lakes Region had a series of nationally recognized fundraising successes last year, among them a $220 million fund, the largest in Michigan history.

mvca_trends - Just 15 Year

Venture Investment in Michigan:

  • Michigan-based venture capital firms have more capital under management than ever before: $2.2 billion, an 47% increase in capital used to power Michigan’s entrepreneurial economy in the last five years.
  • In 2015, venture capital firms with a presence in Michigan targeted a fundraising goal of $599 million.  The total amount raised in 2015 was $389 million, 35% less than targeted.
  • Michigan venture investors finance nearly every Michigan venture-funded startup. They’re a crucial piece of almost every early-stage deal done in the state, and a critical funding source for entrepreneurs launching high growth, high potential businesses.
  • There are currently 141 venture-backed companies in Michigan, an 48% increase in the last 5 years.
  • Seventy-four companies in Michigan received more than $282M from Michigan venture capital firms in 2015. This is a 48% increase in the last five years.
  • Every $1 invested in a Michigan startup by a Michigan venture capital firm attracts $4.31 of investment from outside of Michigan
  • There are 36 venture firms with an office or headquarters in Michigan.


Study: Diversity in the Michigan Entrepreneurial & Investment Landscape:

  • Of the 128 venture professionals employed in Michigan, 28% are women, people of color, and/or an LGBTQ person. Minorities and women are underrepresented in the venture industry when compared to the general Michigan workforce population but are significantly higher than the industry’s national diversity rates.
  • Seventeen percent of Michigan-headquartered portfolio companies are led by a woman, person of color, or an LGBTQ person.
  • Venture capital firms with a Michigan presence invested $6.8M total across 13 Michigan-based portfolio companies led by a woman, person of color, or an LGBTQ person.

Angel, Pre-Seed & Accelerator Activity in Michigan:

  • There are currently 128 startup companies in Michigan that have received funding from a Michigan angel group, a 42% increase in the last five years.
  • In 2015, the nine angel groups in Michigan were comprised of 294 investors, a 59% increase in angel participation in the last five years.
  • Angel groups invested more than $16 million in Michigan startups in 2015.
  • Michigan’s Grand Angels was listed among the three most active angel groups in the country.


About The Michigan Venture Capital Association

The Michigan Venture Capital Association (MVCA) is a non-profit trade organization designed to bring together venture capital industry experts in the state of Michigan. The organization’s goal is to grow and sustain a vibrant venture capital community in Michigan.  MVCA membership includes private and corporate venture capital funds, angel investors, universities and economic development participants, and service providers. More than 400 individuals are members of MVCA, representing over 100 organizations across the nation.  For more information, visit

Questions?  Contact:

  • Emily Heintz
  • Associate Director, Michigan Venture Capital Association
  • o: 734-585-0324
  • e: [email protected]