InvestUP receives $1.6 million from Michigan Innovation Fund

What's happening: InvestUP, a regional economic organization serving the U.P., with a mission to drive prosperity across the peninsula, has received a $1.6 million from the Michigan Innovation Fund. InvestUP was one of three emerging evergreen funds to receive money under the program. Funding was also given to five existing evergreen venture funds across the state.

For InvestUP, the money will become part of the economic organization's subsidiary nonprofit, Michigan Outdoor Innovation Fund (MOIF). To date, MOIF has made 20 investments in companies around the state, representing nearly $2 million in investment, and creating or sustaining some 70 jobs. The roster of investments can be found here.

About the Michigan Innovation Fund: The Michigan Innovation Fund was created with bipartisan support from elected officials in the state Legislature with support from the governor and received a $60 million appropriation to distribute across existing early-stage evergreen venture funds, emerging evergreen funds, and others who contribute to the entrepreneurial ecosystem in the state, especially toward startup companies, founders and funds.

What they're saying: “The funding from the Michigan Innovation Fund is recognition that rural regions like the Upper Peninsula have the sophistication and capability to be meaningful partners in innovation and entrepreneurship. This distinction is critical given growth follows a culture of innovation,” said Marty Fittante, CEO of InvestUP. “More broadly, this funding directly addresses a big need for investment capital in the entrepreneurial community across Michigan where we already have proof that investing in great, high-growth companies across the state yields significant returns."