Michigan's venture capital community is starting to show some big signs of maturity, according to a recent report from the Michigan Venture Capital Association.
The state has seen the emergence of more nine-figure funds. Michigan now has six funds that are greater than $100 million and another eight are between $50 million and $100 million. Many of the largest funds are based in Ann Arbor, such as the Arboretum Ventures'
$140 million fund that closed last fall.
"It's just a very good sign that things in Michigan are heading in the right direction," says Merrill Guerra, executive director of the Michigan Venture Capital Association
. "It's a maturing of the venture capital community."
The report also offered a few other insights into the state of venture capital in the Great Lakes State in 2011.
- Michigan start-ups raised $191 million in venture capital from 38 investments.
-The number of VC firms and portfolio companies in Michigan grew to 54 funds that are managing the growth of 335 active start-ups.
- The amount of money under management is up 64 percent over the last five years. There is now about $3 billion under management with $370 available for investment.
- Four venture capital firms closed large funds last year, totaling $348 million. Those firms include Ann Arbor staples Arboretum Ventures and Plymouth Venture Partners
Source: Merrill Guerra, executive director of the Michigan Venture Capital Association
Writer: Jon Zemke
Read more about Metro Detroit's growing entrepreneurial ecosystem at SEMichiganStartup.com.