Venture capital is beginning to make a name for itself in Ann Arbor and Arboretum Ventures is helping underwrite it. Excerpt: Bolstered by a series of high-profile investments and a home-run local deal that yielded a 10-fold return, Ann Arbor-based Arboretum Ventures is emerging as the state’s leading venture capital firm. But founder Jan Garfinkle […]
Eastern Michigan University is starting to get on the fundraising bandwagon too as its foundation sets a new record this year.
Bell's and Motor City have long been considered the mainstays of Michigan's microbrewery world. Northern United Brewing hopes to add its name to that list.The micro-brewery received a $1.1 million tax credit from the Michigan Economic Development Corporation to expand its operations in Ann Arbor, Traverse City and Dexter. The company currently owns North Peak Brewing Co. in Traverse City, Jolly Pumpkin Brewing in Dexter, along with Ann Arbor's Grizzly Peak, Café Habana and Blue Tractor restaurants.Northern United plans to use the money to expand its operations in those spaces and create 158 jobs within the next five years, including 67 in its first year. It had been looking at other sites in Ohio and Indiana.Source: Elizabeth Parkison, Ann Arbor SPARKWriter: Jon Zemke
The Renaissance Venture Capital Fund isn't wasting time when it comes to investing in Michigan and bridging the gap between Detroit and Ann Arbor.The VC, formed by Detroit Renaissance, made its first investment of $5 million into Ann Arbor-based Arboretum Ventures II. Renaissance expects to invest another $10 million to $20 million in 2009. That money will go either toward venture capital firms looking to invest in the state or firms based in Michigan, such as Arboretum."It is clearly a fast-rising venture capital firm right now," says Chris Rizik, CEO of the Renaissance Venture Capital Fund. "It is a really smart firm with the right niche. Even with the current economic problems we're finding they are really well positioned to be successful."Arboretum focuses mainly on investing in up-and-coming companies that make medical devices. However, the money from Renaissance's investment doesn't come with strings attached on what it must kind of firm or technology to invest. Jan Garfinkle and Tim Peterson formed Arboretum in 2002. Renaissance has been in the works for a few years, but didn’t become a reality until late this year. One of its main tenants is to create more new economy connections between Ann Arbor and Detroit.Source: Chris Rizik, CEO of the Renaissance Venture Capital FundWriter: Jon Zemke
Compendia Bioscience plans to use $3 million in newly acquired venture capital to create another 20 jobs in Ann Arbor, more than doubling its current staff.Most of that $3 million, $1.75 million of it, comes from Michigan's 21st Century Jobs Fund. The rest is matching funds the bio IT firm has raised on its own.Compendia Bioscience, only 2 years old, has established itself as a leader in research-centric software development. Its products help researchers sift through mounds of biological data, enabling them to find answers to clinical questions quicker. The company counts 12 of the Top 20 cancer biopharmaceutical firms and more than 12,000 academics as customers. Compendia Bioscience's Oncomine product is now an important tool for cancer researchers in both academia and drug development companies. The company hopes to expand this platform for research on other diseases and use it to develop intellectual property. Source: Michigan Economic Development Corporation and Compendia BioscienceWriter: Jon Zemke
The venture capital community is growing in Michigan, especially at the University of Michigan. Excerpt: Charting a course for many of today's student-led venture capital funds, the Wolverine Venture Fund marks an important milestone -- ten years of providing a unique learning experience for University of Michigan Ross School of Business students. Part of the university's Samuel Zell & Robert H. Lurie Institute for Entrepreneurial Studies and its Center for Venture Capital & Private Equity Finance, the Wolverine Venture Fund was created in 1998. It was the country's first student led venture fund and has served as a model for other university programs over the years. Since its inception, the Wolverine Venture Fund has invested in more than 18 companies in a wide range of innovative industries such as information technology, life sciences and alternative energy. The Fund currently has active investments in 12 firms and boasts a rich portfolio of growing companies across emerging industries. Read the rest of the story here.
Ann Arbor has scored another designation as one of the state's first Centers of Energy Excellence now that A123Systems has been granted $10 million.The centers serve as alternative energy partnerships, which are designed to bring companies and universities together to support cutting-edge research and development on new alternative-energy technology.Boston-based A123Systems will use the $10 million for its Ann Arbor office. It will focus on rechargeable lithium batteries for automobiles. The University of Michigan will contribute research on manufacturing system design, performance and processes while Michigan State University chips in research on battery materials and electrode designs. The Michigan Strategic Fund can allocate up to $45 million to establish these centers around the state. Last year Sakti3 and U-M won $3 million to help it develop its next-generation lithium battery technologies and processes.Source: Michigan Strategic FundWriter: Jon Zemke
You've got a world-changing idea. And gobs of passion. Great! So, how do you attract investment? From concept to company Ann Arbor SPARK's boot camp is school for start-ups. Concentrate's Jon Zemke follows a pair of entrepreneurs as they learn to hone their pitch, strategize their growth and listen to those who have been there and done that.
The Michigan Difference aimed for the stars with a $2.5 billion goal and landed a galaxy away, raising $3.1 billion, making it the most successful fundraising campaign in the University of Michigan's history.More than 364,000 donors gave, helping such causes as student financial aid, the creation of new student programs, hire and retain outstanding faculty, supporting research and building new facilities. "Thousands of donors from throughout our state, around the country, and indeed the world, have shown they believe U-M is a great investment," says U-M President Mary Sue Coleman. "That investment will sustain the University's impact for generations and will allow us to continue to serve our state and our nation."The Michigan Difference helped building the likes of the new Gerald R. Ford School of Public Policy and the restoration and expansion of the U-M Museum of Art. Source: University of MichiganWriter: Jon Zemke
In a small, old house on the northern edge of Ann Arbor's downtown is one of the big players in Michigan's new economy – EDF Ventures.The venture capital firm invests in numerous early-stage health care companies. Today it has about $170 million worth of assets under management. About a third of those are based in Michigan. Its latest investment, for example, is in Grand Valley State-based TransCorp, a start-up that develops surgical instruments and implants.EDF Ventures has organized four investment funds since 1987 and is getting ready to start a fifth worth up to $50 million. It's that growth that inspired the firm to expand to four full-time and three part-time (including one intern) employees. Two new hires have already joined the firm and the company expects to add yet more next year when it gets its fifth fund up and running. Source: Linda Fingerle, chief financial officer and principal of EDF VenturesWriter: Jon Zemke
Our Partners
