The Michigan 21st Century Investment Fund's Michigan Strategic Fund has directed $45 million into five area venture capital firms. The intent of such investment, which will reach up to $114 million, is to significantly increase the amount of capital available for local entrepreneurs.
The firms capitalized include:
- Quad Partners, a private equity firm, which will receive up to $10 million and will open an office in Southeast Michigan.
- Ann Arbor-based Arboretum Ventures, a fund that focuses on early-stage health care and medical device companies, will receive up to $7.5 million.
- $7.5 million will go to Ann Arbor-based EDF Ventures, which invests in early-stage life science and IT firms.
- Venture Investors LLC, a Midwest-wide fund with a focus on life sciences, IT and engineering will open an office in Ann Arbor and receive up to $10 million.
- Nth Power, in partnership with Detroit's NextEnergy, will receive up to $10 and will focus on alternative energy opportunities.
In a statement, Governor Jennifer Granholm had this to say about the state's intents: "Michigan has the most aggressive economic plan in the country, and we are investing in high-tech industries and companies that will help create the next Michigan. These investments will generate even greater dollars for Michigan ventures in targeted technology sectors."
The Michigan Strategic Fund is managed by Credit Suisse.
Source: MEDC
Writer: Kelli B. Kavanaugh
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