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Plymouth Venture Partners Fund II makes first investment, looks to reach $30M in size
Wednesday, October 20, 2010
| Source:
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Plymouth Venture Partners Fund take two is now in action, making the first investment for the Ann Arbor-based venture capital firm's second fund.
Plymouth Management Company invested in Lansing-based
IDV Solutions
, which creates business intelligence software called Visual Fusion. It's the first investment of what Jeff Barry, partner of
Plymouth Management Company
, expects will be 20 deals in growth-stage companies over the next 3-4 years for this fund.
"We expect to do 1-2 more investments before the end of the year," Barry says.
The 7-year-old VC firm now has five employees and two interns after adding a new partner over the last year. So far the firm has raised $16 million for
Plymouth Venture Partners Fund II,
which it expects to grow to $30 million in size.
The company invests in second-stage, Michigan-based firms that are creating scalable technologies in areas like software, medical devices, or advanced manufacturing. Some of its previous investments include
Accuri Cytometers
,
Incept BioSystems,
and
Janeeva
.
Source: Jeff Barry, partner of Plymouth Management Company
Writer: Jon Zemke
Read more about Metro Detroit's growing entrepreneurial ecosystem at
SEMichiganStartup.com
.
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