Ann Arbor’s RPM Ventures closes $60M fund

Ann Arbor’s venture capital community is showing signs of renewed strength after RPM Ventures announced the closing of its second fund.The downtown Ann Arbor-based firm’s fund is worth $60 million in funding commitments from individuals and organizations. That money is used to invest in promising companies, many of which are start-ups based locally, such as Arbor Photonics and Mobious Microsystems.”We’ve already deployed a portion of it,” says Marc Weiser, managing director of RPM Ventures.The 9-year-old company employs four people and an occasional intern. It also keeps a stable of outside advisors at the ready. It didn’t hire anyone last year but expects to add 1-3 people in 2010. It makes an average of 2-4 investments per year.”When we find a great deal we go for it,” Weiser says.Source: Marc Weiser, managing director of RPM VenturesWriter: Jon Zemke