Out-of-state venture capital firm Flagship Ventures is close to signing a lease for a office in downtown Ann Arbor and expects to open its doors later this month.
The Massachusetts-based VC hired a recent graduate from the University of Michigan Ross School of Business to head up the office. Flagship Ventures
was one of the investors in Accuri Cytometers
, an Ann Arbor-based start-up recently acquired for nearly $300 million, and is looking to duplicate that success with similar investments in the local healthcare arena.
To make that happen it has hired Dr. Michael Johnson, a recent MBA graduate from U-M and fellow at the university's Medical Innovation Center
. He helped co-found Converge Medical Technologies
last year and has worked extensively with venture capital at the Ross School of Business.
"I had the background in what they wanted to do and I was on the ground here," Dr. Johnson says. "I had already worked at the Wolverine Venture Fund
. It was a great fit a lot of reasons."
Flagship Ventures has received investments from the Venture Michigan Fund II
and the Renaissance Venture Capital Fund
. It has an active investment in Tangent Medical Technologies
and is looking to make more investments in local start-ups this year. Dr. Johnson points out that Flagship Ventures specializes in early stage investments but is also open to later-stage investments.
Source: Dr. Michael Johnson, head of Ann Arbor office for Flagship Ventures
Writer: Jon Zemke
Read more about Metro Detroit's growing entrepreneurial ecosystem at SEMichiganStartup.com.