Back to Blog September 30, 2010 in

PRESS RELEASE: Michigan Venture Capital Association’s Fund Development Program awards available to MEDC Accelerator Fund winners

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ANN ARBOR, Mich. (September 30, 2010)—The Michigan Venture Capital Association (MVCA) will award up to $50,000 in grants and loans to both Huron River Ventures and Michigan Accelerator Fund I, winners of the Michigan Economic Development Corporation’s Accelerator Fund program.  The MVCA award provides support for the funds’ organizational costs excluding salaries.  In addition, the two funds will be granted membership to the MVCA for three years and in-kind professional service support as permitted.

Each awardee fund is in process of raising more than $7 million.  Mina Sooch, MVCA chairman of the board and managing partner at Apjohn Ventures, welcomes the funds to Michigan’s thriving venture community:  “The MVCA Board has been an enthusiastic supporter of the creation of two new venture funds that can provide early stage funding to the growing entrepreneurial community across Michigan.  Given our organization’s growth and success over the last decade, the MVCA is pleased to be in a position to provide both financial and professional support to the launch of two new VC firms.”

MVCA Executive Director LeAnn Auer says the MVCA’s participation complements the MEDC’s fund development program.  “This award gives two new ventures firms even more tools to grow and succeed, which is good for our entrepreneurial ecosystem and the state’s economy as a whole.”

Greg Main, CEO of the Michigan Economic Development Corp., said:  “We are stepping up our efforts to help support companies at various phases of development and this program will help increase the availability of early-stage venture capital in Michigan.”

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.