Huron River Ventures $7.5M VC fund to invest in clean tech sector

Wednesday, April 27, 2011 | Source: Concentrate

Huron River Ventures has closed its first fund, a $7.5 million vehicle that will make investments in clean-tech start-ups, primarily in Michigan.

"We have a couple of opportunities that we are excited about that are at advanced stages," says Ryan Waddington, managing director of Huron River Ventures. "We have a few that are cued up and we see more everyday."

Waddington started the early stage investment firm last August with Tim Streit. The co-founders are longtime Michiganders who recently returned to the Great Lakes State from careers in the financial industry (finance and private equity) in New York City and Chicago.

Huron River Ventures will specialize in three sectors of the clean-tech industry, including clean energy (everything from alternative energy to energy efficiency), advanced materials, and advanced automotive and manufacturing.

About 80 percent of the VC firm's first fund comes from the state of Michigan, with the remainder coming mainly from private in-state investors.

Source: Ryan Waddington, managing director of Huron River Ventures
Writer: Jon Zemke

Read more about Metro Detroit's growing entrepreneurial ecosystem at SEMichiganStartup.com.