Strong Michigan venture firms are a critical factor in the success of Michigan startups. With Michigan venture investors backing nearly every Michigan venture-funded startup, the health of our state’s entrepreneurial economy hinges on our ability to provide capital to our high-growth, high-potential companies.
- There are 165 venture-backed startups in Michigan, an increase of 17 percent over the last five years.
- Total venture capital funds under management of firms headquartered in Michigan in 2020 was $2.8 billion, an increase of 28 percent over the last five years.
- Total venture capital under management in Michigan is $3.7 billion, a decrease of 31 percent over the last five years.
- 15 percent of Michigan venture-backed startups were led by a CEO who is a person of color, compared to 7.4 percent of CEOs of Fortune 500 companies nationally.
- Every dollar invested by a Michigan startup by a Michigan venture capital firm attracts $9.70 of investment from outside of Michigan.
- In Michigan, 102 startups raised over $49.5 million from angel investors in 2020.