Venture capitalists cut more deals in Michigan in 2013 than in any other year on record, although the dollar amount of their investments declined sharply from the prior year.
Venture capital investing in Michigan had one of its best years ever in 2012, setting the stage for what one venture investor sees as “another very big year” for further growth.
A Grand Rapids venture fund exceeded its first-year goals, both in funds raised from investors and investments made. Michigan Accelerator Fund I netted $9 million in commitments from investors during its first year, lifting the total capital that it will have available to $15 million. Launched in January 2011 with $6 million in state seed funding, the venture fund expected to raise $4 million from private investors.
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