Xconomy: Two New State-Backed Capital Funds Launch
Summary
The fund just invested $2.76 million in six companies across a variety of sectors: Stik, Livio, Amplifinity, Gema Diagnostics, nanoRETE, and Tissue Regeneration Systems.“In general, venture capital is really on the upswing in Michigan,” says Martin Dober, senior vice president of entrepreneurship and innovation for the MEDC, noting that in the face of national declines, Michigan is one of the only states that has had “tremendous” gains in venture activity.One thing the Venture Match Fund does not do is play an active role on the boards of companies it invests in.The new Michigan Growth Partners II Fund will provide equity capital to growth-oriented companies in a variety of sectors.“There are implications to the community, but the priority is to generate good returns,” agrees Charlie Rothstein, Beringea’s senior managing director.
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