Displaying items by tag: finance
As Michigan’s venture capital industry made further gains in 2018, it made some progress on one front that’s been the focus of attention the last few years: Diversity. Statistics tucked into the Michigan Venture Capital Association’s 2019 research report show an uptick over five years in investments into startups companies led by women and minorities.
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.
Macatawa Bank Corp. recorded strong earnings growth for the first three months of 2019.
WALKER — Seven years after buying Custom Profile Inc., Blackford Capital Inc. was ready for an exit. In seeking to sell the company, the Grand Rapids-based Blackford Capital evaluated a variety of options. Those options included finding a strategic buyer, a deal with another private equity firm, or selling to Custom Profile’s management and employees under an employee stock ownership plan.
Merger-related expenses flattened quarterly earnings for ChoiceOne Financial Services Inc.
Independent Bank Corp. got off to what President and CEO Brad Kessel called a “solid start” in 2019 with slightly higher earnings.
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.
United Federal Credit Union plans to buy a former Whirlpool Corp. office building in St. Joseph for its new corporate headquarters.
Mercantile Bank Corp. began 2019 with higher earnings and strong loan growth that it expects to continue through the year.
Venture capital funds based in Michigan more than doubled the amount they invested in startups in 2018, although the money went to fewer companies.