With investment on the rise in Michigan, we’re considering starting a monthly series that looks back at successful rounds raised, investment funds raised or closed, and any other Michigan investment news.
Here’s a look at Michigan investment for July Look at the Numbers.
The $2 million Michigan Angel Fund announced that they’ve begun investment in early stage companies. The fund was established by Ann Arbor Spark. The Michigan Angel Fund is a $2 million fund with more than 70 members, ranking it as the largest angel organization in Michigan. East Lansing based BioPhotonics is the first investment announced by Xconomy.
Ann Arbor Spark also announced their pre-seed capital fund has invested in six Michigan companies totaling 1.5 million in investments.
ArborMetrix, a data company focused on healthcare, has announced that they successfully closed a $7 million round in funding. The round was led by Ann Arbor area venture capital firm RPM Ventures, with investments from Arboretum Ventures and the Wolverine Venture Fund.
Ann Arbor was named by the Fiscal Times as a hot city for startup investments. The Michigan city is ranked number 11 on their list looking at capital density in startup communities. It’s ranked at $21.1 million in investment.
A closer look at the Renaissance VC “fund of funds” shows that they drive $300 million to startups in Michigan.
Detroit Venture Partners based in Downtown Detroit has announced they’ve closed a first round of nearly $21 million in investments, and that they are currently raising their first formal fund. According to Crain’s Detroit they hope to raise $60 milllion this year or early next year, with a second fund aiming to raise $120 million for Detroit tech startups.
IncWell based out of Birmingham announced their first investment of $100,000 in Detroit based iRule.
Hub Grand Rapids looks like they may be close to reaching their first fund of $800,000 Michigan startup investments, according to MLive.
What investment do you see happening in your city? Send us your investment news and we’ll share in our monthly recap of Michigan investment.