More money is coming into Michigan's venture capital game, thanks to multi-million-dollar matches from the new Pure Michigan Venture Match Fund.
"The Michigan Venture Match Fund will help foster the success of innovative companies with the potential for high growth in Michigan by investing in the most promising, nationally competitive, commercialization opportunities," Kathy Fagan, a spokeswoman for the Michigan Economic Development Corp., wrote in an email.
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Pure Michigan Venture Match Fund will bridge early stage investment rounds, matching investments from venture capital funds with roots in Michigan. The fund will consider tech investments worth a minimum of $700,000 and a maximum of $3 million. The match will be at least $350,000 and no more than $500,000.
Applicants for the Pure Michigan Venture Match Fund will have to secure qualified venture investments. They will also undergo a peer-review of the startup's business plan. The idea is to attract venture funds to invest in Michigan's growing entrepreneurial ecosystem and to help mitigate the risk to local venture capital funds that invest in state-based startups.
Source: Kathy Fagan, spokeswoman for the Michigan Economic Development Corp.
Writer: Jon Zemke
Read more about Metro Detroit's growing entrepreneurial ecosystem at SEMichiganStartup.com.
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