Back For More: Renaissance Venture Capital Funding Arboretum Ventures III

4/19/11Follow @xconomy

The Renaissance Venture Capital Fund is doubling down on Arboretum Ventures.

After already committing $5 million to Arboretum II, Renaissance is helping to bankroll Arboretum’s new $125 million fund, its third since 2002, Renaissance CEO Chris Rizik told Xconomy.

Arboretum previously pulled together $73 million and $24 million for its first two funds. The Ann Arbor-based firm, which specializes in healthcare startups, has so far raised $70.2 million for the new fund, according to SEC documents.

Rizik declined to specify its new commitment to Arboretum, which recently reaped big gains from the sales of HandyLabs and Accuri Cytometers to Becton, Dickinson & Co.

Renaissance, a fund of funds based in Ann Arbor, has committed $30 million of its $50 million war chest to eight funds, split evenly between Michigan and out-of-state firms.

In addition to Arboretum, Renaissance is backing TGap Ventures in Kalamazoo ($3 million) and RPM Ventures in Ann Arbor ($4 million).

Renaissance is also investing in 5 AM Ventures in Menlo Park, CA ($4 million), DJF Mercury in Houston, TX, MK Capital in Northbrook, IL, and Arsenal Venture Partners in Winter Park, FL.

Renaissance has so far dispersed $7.8 million to these firms, who, in turn, have invested about $24 million in a dozen Michigan companies, about three times Renaissance’s investment, Rizik says.

So far, investors seems to be primarily interested in Michigan’s lifescience industry. Startups receiving cash include Delphinus Medical Technologies in Plymouth, MI, HistoSonics, Esperion Therapeutics, Arbor Photonics, and Life Magnetics, all based in Ann Arbor.

However, Rizik says Arsenal is looking at cleantech deals in the state.

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