GRAND RAPIDS — A new mezzanine fund based in Grand Rapids seeks to raise $100 million to invest in growing companies, MiBiz has learned.
GRAND RAPIDS — Thornapple River Capital LLC invested $10 million in a Denver, Colo.-based company that developed a digital marketplace for private parties to buy and sell vehicles and borrow money for a purchase.
Kalamazoo-based Vestaron Corp. plans to use $40 million in new capital to expand commercialization and accelerate the development of an additional line of environmentally friendly pesticides.
EAST LANSING — With a new investment fund at Michigan State University, students can gain experience on either side of the venture capital industry. The Student Venture Capital Fund offers students with an idea for a business or an innovation “priceless” experience in seeking capital and pitching to prospective investors, said Jeff Wesley, the executive director of Red Cedar Ventures at MSU.
The amount of venture capital invested in the Midwest grew at a compound annual rate of 17 percent from 2013 to 2018, the third highest in the U.S., behind the West Coast at 28 percent and the Mid-Atlantic region at 22 percent. The growth rate was one of the reasons the National Venture Capital Association and the University of California Berkeley chose Ann Arbor as the place to launch a new education program, VC University LIVE, on May 15-17 at the University of Michigan Ross School of Business.
A venture capital fund led by women investors to back women-owned startups has raised $4.5 million so far toward a $20 million goal. Belle Michigan Impact Fund LP has attracted 57 investors to date, including its first institutional investor in Toronto-based Canadian Imperial Bank Corp.
Venture capital funds based in Michigan more than doubled the amount they invested in startups in 2018, although the money went to fewer companies.
Genesis Innovation Group LLC and its affiliated venture capital funds invested in HAPPE Spine LLC, a Grand Rapids startup developing and commercializing a material for orthopedic implants.
Cultivate(MD) Capital Fund II LP, a venture capital fund operated by Grand Rapids-based Genesis Innovation Group, invested in Embody Inc., a Norfolk, Va. company that developed a collagen-based micro-fiber implant for Achilles’ heel and rotator cuff repairs.
The $77 million investment in Ablative Solutions Inc. ranks as the largest known venture capital deal ever in Michigan, possibly helping draw more attention to the state’s life sciences research and development.