July 21, 2014 – ANN ARBOR, MICH.– Michigan Venture Capital Association Executive Director Carrie Jones responds to the release of the latest NVCA/PwC MoneyTree Report, a quarterly study of venture capital investment activity in the United States prepared by PwC and the National Venture Capital Association:
“The survey results reinforce what MVCA members have experienced firsthand in Michigan in 2014: steadily increasing venture capital invested in a number of extraordinary companies. This activity speaks to the strength of the entrepreneurial ecosystem we have cultivated here over the last decade.
“According to PwC Moneytree’s survey, Michigan had 25 companies receive venture investment dollars in the first half of 2014, making it 15th in the country for number of deals done in the first half of the year. Michigan portfolio companies received have $159.6mm to date, ranking 15th in the country for capital deployed in the first half of the year. In the first half of 2014, Michigan companies have received over 6x what they had received in the first half of 2013 and 2x what they had received in the first half of 2012. Some notable Michigan portfolio company successes in the first half of 2014 included:
- Michigan-based ProNAi Therapeutics Inc., a maker of cancer drugs, closed on what is believed to be the largest single round of venture capital funding in Michigan’s history, a series D round of $59.5 million.
- PlattForm, a leading marketing and enrollment management partner for colleges and universities worldwide, acquired Michigan-based Seelio, a service-based student portfolio solution for higher education institutions.
“While we are pleased to see high level of activity reported thus far, a full six months of potential investing remains. MVCA will spend the rest of 2014 sharing the good news happening in Michigan’s venture capital community in order to attract additional investment dollars and keep Michigan companies growing.”
For extended context and comment, please contact:
Carrie Jones, Executive Director, MVCA
About The Michigan Venture Capital Association
The Michigan Venture Capital Association 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. Michigan Venture Capital Association members include private venture capital funds, corporate venture capital funds, private equity firms, angel investors, and entrepreneurial infrastructure participants. More than 200 individuals are members of the Michigan Venture Capital Association, representing 70+ organizations across the state. For more information, visit www.MichiganVCA.org.
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