The Michigan Angel Fund has enjoyed so much success in its first year that organizers are coming out with a sequel in 2014.
The
Michigan Economic Development Corp is giving
Ann Arbor SPARK, which manages the Michigan Angel Fund, $500,000 for the continuation of the Michigan Angel Fund’s first investment vehicle and then some.
"This is allowing us to raise a second fund," says Skip Simms, manager of the
Michigan Angel Fund and senior vice president of Ann Arbor SPARK. "The first fund is nearly all invested. It will allow us to continue investing in early stage technology companies across the state."
The Michigan Angel Fund is an angel-investment equity fund that specializes in early stage investments. It only invests in Michigan-based tech start-ups in the hopes of growing the Great Lakes State’s new economy.
It has 72 members and has made six investments in its first year. Those investments range from $100,000 to $250,000 and are part of seed rounds for startups looking to raise between $250,000 and $2 million. Its latest investment is in
Larky, an Ann Arbor-based mobile app startup that just closed a
$1.76 million Series A round.
"We will probably have a portfolio of 9-10 companies (by the end of the year)," Simms says.
Source: Skip Simms, manager of the Michigan Angel Fund and senior vice president of Ann Arbor SPARK
Writer: Jon Zemke
Read more about Metro Detroit's growing entrepreneurial ecosystem at SEMichiganStartup.com.
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