Back to Blog March 22, 2017 in

Invest Detroit Ventures Announces First Capital Fund

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MVCA member, Invest Detroit Ventures, is launching a new fund that will support startup companies at the earliest stages of commercialization.  MVCA Board Member and Managing Director of Invest Detroit, Patti Glaza, says, “Our team is excited to continue our work supporting early stage companies in Michigan.  The first 18 months is a critical time period for startups, and finding capital can be a challenge.  Our new fund will help solve that and ensure more Michigan entrepreneurs can build a strong foundation for their company to hit the ground running.”  The First Capital Fund will provide up to $150K of investment in growing startup companies in Michigan through quick, flexible financial instruments.

Image result for invest detroit venturesThe fund is milestone-driven and focused on helping companies achieve follow-on funding from angel or venture investors within 12 months. The Invest Detroit Ventures team will work with companies and release funding based on milestone achievements and market execution.

Want to apply to the fund or refer a company to the fund?

The First Capital Fund serves pre-seed and early seed companies with founder teams. The referral form requires the uploading of an executive summary or pitch deck.

Company Referral Form

Applicant Guidelines:

  • More than one FTE with key founders and staff located in Michigan
  • High-tech start-up with strong potential for additional angel or venture financing
  • $50-150k investment is sufficient to deliver metrics and milestones that will result in angel or venture funding
  • Willing to accept a standard convertible note
  • Product is past concept
  • Company is a for-profit LLC, C Corp, or S Corp
  • Incorporated less than 18 months ago*
  • Total debt and equity financing received is less than $500,000*

*Companies are encouraged to apply even if this guideline is not met

For more information, please contact the Invest Detroit Ventures team at [email protected]

About Invest Detroit

Invest Detroit is a leading source of private sector gap financing that utilizes a variety of funding tools to support economic development opportunities in underserved communities, primarily in the City of Detroit and throughout the region. Invest Detroit’s support for early stage companies includes three funds: First Step Fund, Detroit Innovate, and the First Capital Fund; and three programs: Hacker Fellows, Accelerate Michigan Innovation Competition, and PowerMoves@Detroit.