Meet Michigan’s Newest VC Fund Grand VenturesBy Amanda Lewan on February 18th, 2017 /
In Michigan Venture Capital has been on a slow and steady rise. Now, experienced investor Tim Streit of Huron River Ventures along with McKeel Hagerty an entrepreneur and investor, launched the newest VC firm Grand Ventures.
Previously Streit co-founded Huron River Ventures, which raised $16 million and invested in leading technology companies including Ambiq Micro and FarmLogs. Its portfolio has raised more than $200 million in follow-on funding from some of the nation’s top venture capital funds. McKeel started his company Hagerty Insurance with just 30 employees and now has more than 840 employees worldwide measuring a growth resulting in total insured value coverage in excess of $36 billion. Together the two co-founders of Grand Ventures aim to provide capital and strategic support to entrepreneurs starting high impact technology companies in industries with a strong presence in the Midwest.
We got to chat with them both to learn more on their goals and vision for Grand Ventures.
What inspires you about investing in Michigan companies?
“Michigan is home to a great combination of major companies, talented entrepreneurs, and a strong economy. If you look at the traction in the last five years from my prior fund HRV as well as other great startups and venture funds across the state, we have proven that Michigan has all of the right ingredients for a thriving venture community. Investing in my home state and seeing the impact these companies have on their communities is additionally rewarding,” said Streit.
Why start another fund?
“Venture capitalists typically raise new funds every 4-5 years to continue investing in new companies. Grand Ventures is the natural evolution for me as a VC and will compliment the other great venture funds capitalizing on entrepreneurial innovation, increased industry demand for technology, and a growing startup ecosystem in MI,” said Streit.
What did you learn most in terms of trends and investment from Huron River?
“We are very proud of our progress to-date with HRV. Larger venture funds benefit from greater access to human and capital resources so we decided to expand the team, advisory board, and size of the fund. Additionally, experienced CEOs provide invaluable coaching to young CEOs so I recruited one of the smartest and most successful CEOs that I know, McKeel Hagerty, to join Grand Ventures,” said Streit.
What tips do you have for other entrepreneurs seeking investment, from one entrepreneur to another?
“We believe in the power of well-run businesses to positively change the world. Such businesses combine a compelling vision for their own value proposition as well as a concrete plan for the building a team to execute on that vision. The most investment worthy entrepreneurs must balance their core business ideas with these very human aspects of leadership,” said Hagerty.
What do you hope to see come from this new venture for entrepreneurs in Michigan?
“Going beyond just investing, our ultimate goal is to empower others to succeed. This means new jobs, new ideas, new business categories. We are excited to create great opportunities for investors as we focus on growing businesses that are passionate about changing the world,” said Hagerty.
Grand Ventures will provide early-stage capital and strategic support to entrepreneurs building world-changing technology companies for Agriculture, Manufacturing, Transportation, and other global industries with strong Midwest presence. Learn more at: www.grandvcp.com or contact firstname.lastname@example.org.