Michigan’s Venture Capital investment is on the ups according to a new report from the Michigan Venture Capital Association. Ad-mist a declining VC investment trend around the nation, Michigan seems to be part of the few that at rising despite decline elsewhere. Michigan jumped rank from 25th to 15th in national venture capital rankings.
The report indicates that Michigan venture capital firms invested $242 million in local start-ups in 2012.
“We have had growth with a lot of firms,” says Carrie Jones, executive director of the Michigan Venture Capital Association. “We have had firms from out of state opening up offices here.”
Michigan venture capital professionals have increased from 53 to 63 in the past two years. According to a recent report, Ann Arbor is arguably the de facto capital for local VCs because of its large concentration of venture capital firms that specializes in investing in spin-outs from the University of Michigan in the life sciences, bio-technology and technology sectors.
The total capital under management for Michigan has also spiked over the last two years, going from $1.2 billion to $1.5 billion. The average fund size has jumped by $3 million to $43 million.
“Michigan is a real bright spot for the whole industry,” Jones says.
Source: Concentrate Media