New Seed Funding Available up to $150KBy Amanda Lewan on March 23rd, 2017 /
A new early stage investment fund has launched in Detroit, the First Step Fund. Hosted by Invest Detroit, along with support from the MEDC and New Economy Initiative, the fund will provide early stage investments from $50-150K.
The fund is aiming to help bridge a gap in the region and help early stage companies prepare for more funding.
“The Invest Detroit Ventures team is honored to have the opportunity to reinvigorate the early seed tech start-up pipeline in Michigan,” said Patti Glaza, Vice President of Invest Detroit. “Great entrepreneurs have been getting stuck, needing $75,000-$150,000 to prove out initial milestones, build commercial prototypes, and run pilot/beta tests. This fund helps fill that gap.”
The fund is seeking technology startups that meet the following guidelines:
- More than one FTE with key founders and staff located in Michigan
- High-tech start-up with strong potential for additional angel or venture financing
- $50-150k investment is sufficient to deliver metrics and milestones that will result in angel or venture funding
- Willing to accept a standard convertible note
- Product is past concept
- Company is a for-profit LLC, C Corp, or S Corp
- Incorporated less than 18 months ago*
- Total debt and equity financing received is less than $500,000*
If you don’t meet all requirements they still encourage you to apply. Learn more about the new fund here.