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Michigan Venture Funds: A List of Recent Closings and Firms Raising Money Now

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information technology, and cleantech. Began raising funds for ESP Fund II in 2007 and this March closed the fund at $55 million.

First Step Fund (Detroit): This April, TechTown announced a $5 million seed fund established with support of the Detroit-based New Economy Initiative. The fund represents a partnership between TechTown, the Invest Detroit Foundation, and Ann Arbor Spark.

General Motors Ventures (Detroit): Automaker GM announced this June that it had formed this new $100 million venture fund to help back development of innovative automotive technologies

MK Capital (Northbook, IL): Invests across all stages of funding focusing on digital media, software, and other information technology fields. Closed $50 million MK Capital II in June 2009. The only Michigan investment listed in its portfolio is Outside Hub of Southfield, but it is another of the firms in Renaissance Venture Capital Partners’ portfolio. First fund, which closed in 2005, totaled $150 million.

North Coast Technology Investors (Ann Arbor and Midland): Invests in Midwest startups across all stages and technologies, including life sciences and medical devices, software, and hardware. The $100 million fund closed in mid-2009.

Renaissance Venture Capital Fund (Ann Arbor): Announced close of $50 million fund of funds on September 6. Invests in venture firms around the country that invest in Michigan startups—looks for firms that invest across all high-tech and life sciences sectors.

RPM Ventures (Ann Arbor): Seed and early stage fund invests in information technology and physical sciences companies. Formed in 2000, closed $60 million second fund in December 2009.

Social Venture Fund (Ann Arbor): This fund, operated by the Samuel Zell & Robert H. Lurie Institute for Entrepreneurial Studies at the University of Michigan’s Ross School of Business, technically formed in 2009 but has been operating in stealth mode until its official debut today. Fund will be managed by students and will make early-stage investments of up to $200,000 in startups in six key areas: education, environment, finance, food & nutrition, health, and urban revitalization.

TGap Ventures (Kalamazoo): Makes early-stage investments, primarily in the Midwest, in medical devices, software, specialty manufacturing, Internet, telecommunications, healthcare, and other high-growth arenas—everything but pharma, says general partner Jack Ahrens. Closed current $26.3 million fund in June 2009.

Raising Funds Now

Huron River Ventures (Ann Arbor): One of two early-stage funds forming largely with $6 million in backing from the Michigan Economic Development Corporation after a statewide competition. In order to win state funding, managers had to raise at least $1 million on their own and have a partnership with an academic institution, among other criteria. Huron River plans to specialize in alternative energy and other advanced technology sectors.

Michigan Accelerator Fund I (Grand Rapids): Along with Huron River Ventures (above), one of two funds formed with Michigan Economic Development Corporation support. This fund has partnered … Next Page »

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