Venture Capital

Ann Arbor’s North Coast Technology Investors hits $100M in VC fund

By Newsroom

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March 26, 2009

North Coast Technology Investors' capital is going nowhere but up these days in Ann Arbor.Excerpt:Twenty years ago venture capitalist Hugo Braun left California and came back to Michigan, taking a job at Access Ventures. Ten years later he and another partner turned it into North Coast Technology Ventures with $10 million under its management. Today that number has reached $100 million and is still expanding.The downtown Ann Arbor-based firm is getting ready to close on another investment vehicle (fund) this summer. It will be another large chunk of change that will allow North Coast Technology Ventures to make investments for at least the next few years."We feel this is an excellent time to make investments," Braun says. "Even though it's a depressing time there are a lot of excellent ideas out there."Read the rest of the story here.

Latest in Venture Capital

Detroit Renaissance Venture Capital Fund makes $3 million investment

By Newsroom

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Community Development

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February 26, 2009

The renaissance for local venture capital investment has begun at Detroit Renaissance Venture Capital Fund.Excerpt:The Renaissance Venture Capital Fund made its second investment this week, putting $3 million into the TGap Venture Capital Fund II.The Kalamazoo-based venture capital fund makes early stage investments into information technology, medical devices and services and specialty manufacturing companies. Jack Ahrens and Pete Farner formed the fund in 2002 and have since invested in several successful Midwestern-based companies, such as Afmedica (which was recently acquired by another firm) and Brill Street.Read the rest of the story here.

Arboretum Ventures raises $73 million for latest fund

By Newsroom

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Economic Development

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February 26, 2009

Arboretum Ventures is going for the gusto with its latest investment fund.Excerpt:Ann Arbor is becoming, more and more, Michigan's venture capital capitol, proof of which is clearly visibly at Arboretum Ventures.The Ann Arbor-based firm recently closed out its latest investment fund worth $73 million. This fund is triple the size of Arboretum's first, which was worth $24 million. Managing Directors Jan Garfinkle and Tim Petersen will manage the money with the help of five other employees.Read the rest of the story here.

Metro Detroit snags 2 of 3 pre-seed capital fund investments

By Newsroom

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Community Development

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February 19, 2009

Three new economy start-ups are now able to dip their beaks into the Michigan Pre-Seed Capital Fund for capital. Two of those call Metro Detroit home.They are Detroit-based SenSound and Ann Arbor-based Biotectix. The belong to the TechTown and Ann Arbor SPARK business incubators, respectively.SenSound develops and markets software and testing services. These products are used in everything from the aerospace to medical device to automotive industries. Biotectix helps make other companies' biotech products safer, last longer and be more energy efficient, among other things. The Michigan Pre-Seed Capital Fund is a collaborative effort of the state’s 12 SmartZones to provide venture capital to promising firms. So far 30 Michigan companies have been selected to participate in the fund. All of these firms must receive a matching investment from a venture capital firm or grant to qualify.Source: Ann Arbor SPARKWriter: Jon Zemke

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

By Newsroom

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Economic Development

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January 29, 2009

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

Renaissance VC Fund invests $5 million into Arboretum Ventures

By Newsroom

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Community Development

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December 18, 2008

Detroit Renaissance's venture capital fund is getting the investment ball rolling quickly in Ann Arbor. Excerpt: The Renaissance Venture Capital Fund isn't wasting time when it comes to investing in Michigan and bridging the gap between Detroit and Ann Arbor. The VC, formed by Detroit Renaissance, made its first investment of $5 million into Ann Arbor-based Arboretum Ventures II. Renaissance expects to invest another $10 million to $20 million in 2009. That money will go either toward venture capital firms looking to invest in the state or firms based in Michigan, such as Arboretum. "It is clearly a fast-rising venture capital firm right now," says Chris Rizik, CEO of the Renaissance Venture Capital Fund. "It is a really smart firm with the right niche. Even with the current economic problems we're finding they are really well positioned to be successful." Read the rest of the story here.

Metromode Radio: Mich Bio Life Sciences Conference

By Chris McCarus

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Economic Development

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December 4, 2008

Michigan is an up coming leader in bio sciences. That’s the conclusion from a 2 day conference sponsored by the MEDC. The state has the major research universities plus a skilled workforce. It just needs venture capital. Chris McCarus went to the Novi event and spoke with Ann Arbor entrepreneur Rich Farkas.

EDF Ventures invests in downtown Ann Arbor, creates new fund

By Newsroom

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Economic Development

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November 20, 2008

One of Ann Arbor's emerging venture capital firms is getting ready to grow a little bigger. Excerpt: In a small, old house on the northern edge of Ann Arbor's downtown is one of the big players in Michigan's new economy – EDF Ventures. The venture capital firm invests in numerous early-stage health care companies. Today it has about $170 million worth of assets under management. About a third of those are based in Michigan. Its latest investment, for example, is in Grand Valley State-based TransCorp, a start-up that develops surgical instruments and implants. Read the rest of the story here.

Arbor Photonics lands $3 million investment, plans to create 136 jobs

By Newsroom

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Economic Development

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November 6, 2008

Arbor Photonics is landing some big venture capital which is expected to lead to some big hiring in the next few years. Excerpt: Arbor Photonics is making the most of its $3 million infusion, laying out plans to create 136 new jobs within the next few years. The Ann Arbor-based firm recently received $1.5 million from Michigan's 21st Century Jobs Fund. That money will complement another $1.5 million from private investors. The 136 new jobs will be quite the jump in employment for the University of Michigan spin-off. As of today only two people work at the start-up. U-M Prof. Almantas Galvanauskas invented a new way to dramatically improve fiber lasers. Arbor Photonics was created last year to commercialize this technology. Read the rest of the story here.

Solidica takes in more VC, set to create 12 new jobs

By Newsroom

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Economic Development

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November 6, 2008

Solidica is even on more solid grounding now that another $1.9 million in venture capital has been put into its coffers. Excerpt: More money is coming to Ann Arbor's Solidica, which will bring more jobs to the local start-up as well. The firm has hired five new people since May and plans to hire another dozen more after a $1.9 million investment. Of that money, $900,000 came from Michigan's 21st Century Jobs Fund and another $1 million came from private investors. Read the rest of the story here.