GRAND RAPIDS — Michigan Capital Network has further expanded its angel investment network across the state with the addition of Saginaw-based BlueWater Angels.
The addition expands Grand Rapids-based Michigan Capital Network (MCN) to five angel investing affiliates that include Grand Angels in Grand Rapids, Ka-Zoo Angels in Kalamazoo, Woodward Angels in Detroit, and Flint Angels.
“We have long-admired the success and effectiveness of the angel investing groups in MCN,” BlueWater Angels Director Leland Richards said in an announcement. “Joining this statewide investing association brings more insight and resources to our members and the companies we support.”
The addition of BlueWater Angels expands Michigan Capital Network into mid-Michigan and the Saginaw and Midland markets. The addition grows the organization to more than 160 active members who hold investments in 76 portfolio companies, and also brings investments under management to more than $50 million.
Formed in 2008, BlueWater Angels has more than 50 investors and has invested more than $21 million in 34 companies.
“The financial success and economic impact of this group is exceptional and we look forward to working with their leadership to further enhance business growth in our state,” Michigan Capital Network CEO Paul D’Amato said in a statement.
Through the first eight months of 2021, Michigan Capital Network invested more than $5.5 million in early-stage companies in Michigan, a nearly 20-percent increase over the total investment in 2019.