Study points to $215 million in VC investment, successful exits in 2010

Wednesday, May 4, 2011 | Source: Concentrate
A new study by the Michigan Venture Capital Association is pointing towards an opportunistic outlook for the state's emerging investment community.

The study examines Michigan's venture capital activity between 2007 and 2010. Among the highlights are $215 million in VC investment in 30 companies during 2010, making for 76 venture-backed companies, up from 62 the previous year. Those companies are responsible for 1,200 high-tech jobs.

And then there are the exits. Nine Michigan-based start-ups scored successful exits between 2007 and 2010, including three in 2010. That doesn't include non-venture-backed, high-profile firms like Mobiata and the most recent deal, the $200-plus million acquisition of Accuri Cytometers earlier this year.

"The exit action we have seen since 2008 has been astounding," says LeAnn Auer, executive director of the downtown Ann Arbor-based Michigan Venture Capital Association.

Michigan has also defied the national trend of a shrinking venture capital industry. There are now 25 venture capital firms operating in Michigan, up from 22 in 2009. Among those are recent Ann Arbor-based start-ups like Huron River Ventures and Resonant Venture Partners.

"We're seeing the next generation of venture capital firms and funds being created here in Michigan," Auer says.

Source: LeAnn Auer, executive director of the Michigan Venture Capital Association
Writer: Jon Zemke

Read more about Metro Detroit's growing entrepreneurial ecosystem at SEMichiganStartup.com.
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