Renaissance VC Fund invests $5 million into Arboretum Ventures

Detroit Renaissance's venture capital fund is getting the investment ball rolling quickly in Ann Arbor.

Excerpt:

The Renaissance Venture Capital Fund isn't wasting time when it comes to investing in Michigan and bridging the gap between Detroit and Ann Arbor.

The VC, formed by Detroit Renaissance, made its first investment of $5 million into Ann Arbor-based Arboretum Ventures II. Renaissance expects to invest another $10 million to $20 million in 2009. That money will go either toward venture capital firms looking to invest in the state or firms based in Michigan, such as Arboretum.

"It is clearly a fast-rising venture capital firm right now," says Chris Rizik, CEO of the Renaissance Venture Capital Fund. "It is a really smart firm with the right niche. Even with the current economic problems we're finding they are really well positioned to be successful."

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Renaissance VC Fund invests $5 million into Arboretum Ventures

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