Renaissance Venture Capital Fund looks to bridge Detroit, Ann Arbor

Thursday, October 9, 2008 | Source: Model D

Detroit Renaissance is looking to help bridge the divide between Detroit and Ann Arbor with its Renaissance Venture Capital Fund.

Excerpt:

Detroit Renaissance has launched a venture capital fund and hired Chris Rizik (co-founder of Ardesta) to serve as the CEO of the new fund, setting a goal of raising $100 million.

The fund will launch in November and invest in other venture capital funds (similar to the Michigan's 21st Century Jobs Fund) in local venture capital firms. That way they can in turn invest in promising local new economy companies in need of capitalization. The idea is to help support Southeast Michigan's entrepreneurial community.

"If you want to support that community you need a strong venture capital community," Rizik says.

Read the rest of the story here.