Michigan moves up to No. 16 in venture capital rankings for 2008

Mo’ money in Michigan means higher rankings for the Great Lakes state in the venture capital race.Michigan finished No. 16 in 2008 when it came to attracting venture capital. That’s up from No. 25 in 2007, and one more sign that the state’s new economy continues to grow. Michigan-based companies closed 43 deals for seed money last year. That accounted for $245 million in investment, more than double the $104 million Michigan attracted in 2007, according to the National Venture Capital Association.This year’s totals rival the Internet bubbles highs of 1999 and 2000. The numbers fell quickly after that but have steadily increased ever since. Michigan’s share of the venture capital pie is still paltry compared to other states. California remains the big dog in the hunt for early investment. It took in 50 percent of the venture capital investment, amounting to $15.2 billion. The next closest was Massachusetts with 10 percent and $2.9 billion.Source: National Venture Capital Association.Writer: Jon Zemke