Michigan Venture Funds: A List of Recent Closings and Firms Raising Money Now
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with Grand Valley State University, Michigan State University, the Van Andel Research Institute, and others. It plans to invest 70 percent of its capital in life sciences companies, with the balance going to advanced manufacturing, homeland security, and alternative energy. Target is $10 million, which it hopes to raise in 2011. In the meantime, fund managers say they are eyeing a first close late this year and that they could make their first investment around the same time.
—Plymouth Management Company/Plymouth Venture Partners (Ann Arbor): Invests regionally in Michigan, Ohio, and other Great Lakes states in growth-stage companies across tech, life sciences, and other fields. Held a $16 million first close in June on Plymouth Venture Partners II, which is targeted at $40 million, according to chairman Ian Bund. New fund is a follow up to $24 million Plymouth Venture Partners I, which began investing in 2003.
—Resonant Venture Partners (Ann Arbor): Seed-stage fund, planning to invest in Midwest firms across a variety of technology sectors, but primarily in software and hardware. Resonant Fund I was launched this July and the next month announced it had lined up its first limited partner (unnamed) and first portfolio company (Scio Security of Ann Arbor). Founders Michael Godwin and Jason Townsend hope to raise $10-$20 million. They didn’t want to say how far along they are right now, only that they are in full fundraising mode and hope to have more to announce shortly.
—Seneca Partners (Detroit, Chicago, and Ann Arbor): Currently operates Seneca Health Partners fund, and this spring revealed plans to raise between $50 million and $75 million for another healthcare venture fund.
—Triathlon Medical Ventures (Cincinnati): Focus is early-stage companies in life sciences, including medical device, biotechnology, and diagnostics startups. Opened Michigan office led by Mina Sooch, chairman of Michigan Venture Capital Association. Firm is seeking to raise $150 million, and Sooch says it hopes to hold a first close of between $50 million and $70 million later this year.
New Angel Funds
—Michigan Women’s Foundation angel fund: Carolyn Cassin, CEO of this foundation, told Xconomy the group is raising a small angel fund to help boost female entrepreneurship. The group hopes to announce the fund this fall.
—Randal Charlton, executive director of Detroit-based TechTown, said this spring he was looking to form an angel network in Southeast Michigan in hopes of raising a $25 million fund.