Huron River Ventures, Michigan Accelerator Fund I score $50K in loans, start-up grants

Venture capital firms normally award seed capital, but two local VC startups are now on the receiving end thanks to a couple of grants from the Michigan Venture Capital Association.

Ann Arbor-based Huron River Ventures and Michigan Accelerator Fund I each received a $25,000 grant and a $25,000 loan as winners of the Michigan Economic Development Corporation's Accelerator Fund program. The money will help pay for organizational costs, excluding salaries. They also received a three-year membership to the Michigan Venture Capital Association, which comes with in-kind professional service support.

"We want more venture capital firms to succeed in Michigan, so we are giving them a little push to help them cover their expenses," says LeAnn Auer, executive director of the Michigan Venture Capital Association.

The idea behind the grants is to build up Michigan's seed capital environment by helping more fledgling venture capital firms get off the ground. Huron River Ventures, for example, is a VC firm recently started that plans to build its portfolio around clean-tech investments.

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.