MK Capital Receives First Commitment From $120M Venture Michigan Fund II
Venture Michigan Fund II, a $120 million state-financed limited partnership designed to stimulate early stage venture capital, said Tuesday it will commit an unspecified amount of dollars to MK Capital.
MK Capital, the Chicago-based venture firm which specializes in digital media, software, and education technology, is the first venture firm to receive money from the state-backed VMF II, which is managed by Credit Suisse.
“MK Capital has demonstrated a strong commitment to growing Michigan-based businesses and we are delighted to be able to work with them and play a crucial role in building Michigan’s new economy,” Kelly Williams, managing director and head of the Credit Suisse Customized Fund Investment Group, said in a statement. “With one Michigan investment already completed by MK Capital II and a demonstrated strong Michigan deal flow, we are confident that MK Capital will execute their Michigan strategy with attractive results.”
Founded in 2003, VMF is designed to support Michigan-based venture firms and out of state venture capitalists that put the money to work in Michigan-related startups. The first fund committed $95 million to 11 funds, including Arsenal Ventures, Arborteum Ventures, RPM Ventures, and Triathlon Medical Ventures.
In January, Venture Michigan announced a second fund, which will commit $120 million to venture financing over three years.
MK Capital has been getting a lot of love lately. Renaissance Venture Capital Fund, another state supported fund of funds, has also committed some of its $50 million to MK Capital.