More venture capital is coming to Metro Detroit now that a Pittsburgh-based venture capital firm is planting a flag in southeast Michigan.
Draper Triangle Ventures plans to sink a significant part of its newest investment fund in Michigan. To execute on that vision, the firm is setting up offices in Ann Arbor and downtown Detroit, and moving a managing director to the region to scout out new investments.
"Michigan is attractive for venture capital for a number of reasons," says Jonathan Murray, managing director of
Draper Triangle Ventures. "There is a lot of good deal flow in Ann Arbor and Detroit. There is a lot of national exposure in Michigan."
Draper Triangle Investments specializes in early-stage investments in tech startups. Think software and IT companies that are creating products that could span a number of different sectors.
The venture capital firm has raised $75 million for its third fund. The goal for the fund is $100 million. That capital will be focused on tech startups based in western Pennsylvania, Ohio and Michigan. Investments will range between $1 million and $2 million. Murray expects to make 1-2 investments each year. He says one potential investment is already in the works and could come to fruition within the next few months.
Source: Jonathan Murray, managing director of Draper Triangle Ventures
Writer: Jon Zemke
Read more about Metro Detroit's growing entrepreneurial ecosystem at SEMichiganStartup.com.
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