Huron River Ventures has closed on its first investment fund worth $11 million.
The downtown Ann Arbor-based venture capital firm specializes in clean-tech investments in the energy, transportation infrastructure and agricultural fields. Tim Streit and Ryan Waddington launched the venture capital firm in 2011. The pair have raised $6 million from the state of Michigan, a couple of local institutions including DTE Energy and fewer than 50 private investors.
"We are less than 30 percent deployed," says Streit, managing partner of Huron River Ventures
. "We have significant capital resources from our existing portfolio to help them with their growth."
Among Huron River Ventures' initial investments are include SideCar Technologies
, University of Michigan spin-out Ambiq Micro
, Ann Arbor-based OptoAtmospherics
, Ann Arbor-based FarmLogs
, Root3 Technologies
and Ann Arbor-based Covaron Advanced Materials
. The firm has closed one deal last week, which is plans to announce soon. Streit expects to close on another 1-2 more deals before the end of the year.
Huron River Ventures has a staff of two people and a stable of independent contractors and interns. It has offices in Ann Arbor and Grand Rapids.
Source: Tim Streit, managing partner of Huron River Ventures
Writer: Jon Zemke
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