A Massachusetts-based venture capital firm is looking to set up an office in Metro Detroit, thanks to an investment from the Venture Michigan Fund II.
The Venture Michigan Fund II
, a fund of funds that in invests in other venture capital funds, made an undisclosed investment in Flagship Ventures Fund IV. Flagship Ventures is a 12-year-old venture capital firm based in Cambridge, Massachusetts. It manages more than $900 million in capital and has invested in a number of successful startups, such as Joule Unlimited, Acceleron Pharma, and Accuri Cytometers
"It's a larger fund," says Sean O'Donnell, vice president of Credit Suisse's Michigan office
. "It really speaks to the quality of investors and historical success stories that they have seen in Michigan."
makes investments in early stage startups in three principal business sectors: therapeutics, medical technologies, and sustainability/clean technology. It is currently looking to staff a satellite office in Metro Detroit. O'Donnell says that office will probably be located in Ann Arbor, where there is a growing cluster of venture capital activity.
"They're in the process of selecting the individual to staff that office," O'Donnell says.
Credit Suisse co-manages the Venture Michigan Fund II. The fund invests in venture capital funds targeting seed and early stage capital Michigan companies in a wide variety of high growth, emerging industries. These include advanced manufacturing, health care and life sciences, information technology, alternative energy, and homeland security and defense. Venture capital fund managers participating in the Venture Michigan Fund II will be required to invest at least as much in Michigan-based companies as they receive in capital commitments from Venture Michigan Fund II.
Source: Sean O'Donnell, vice president of Credit Suisse's Michigan office
Writer: Jon Zemke
Read more about Metro Detroit's growing entrepreneurial ecosystem at SEMichiganStartup.com.