The Michigan Strategic Fund (MSF), through the Pure Michigan Venture Development Fund (PMVDF), will assist in the growth of the venture industry in Michigan by increasing the number of viable venture funds in the state.
To qualify, applicant venture funds are required to have raised $1 million in private capital from at least three unrelated investors at the time of application, which must be evidenced by signed investor commitments. Funds that have raised more than $25 million are not eligible to apply. Funds with target sizes greater than $50 million will not qualify for this Program.
“The Pure Michigan Venture Development Fund will be a valuable tool in helping to grow the venture industry in Michigan,” said MEDC President and CEO Michael A. Finney. “Increasing the number of venture funds here will lead to the development of new innovation companies, greater economic growth and ultimately, more and better jobs.”
Applications will be accepted from June 28- July 31.