The Venture Michigan Fund II is investing $15 million into the Ann Arbor office of Venture Investors Early Stage Fund V.
Venture Investors Early Stage Fund V is an early stage venture capital firm that is headquartered in Madison. It specializes in investing in life science and tech start-ups. It's Ann Arbor office has invested in four Michigan-based companies, totaling $13 million.
Jim Adox, who heads up the Ann Arbor office, is very active in building the local venture capital community, participating in things like the
Michigan Venture Capital Association.
"We almost think of this as a homegrown Michigan venture capital firm," says Sean O'Donnell, vice president of
Credit Suisse's Michigan Office. "They are very active in Michigan."
The
Venture Michigan Fund II is a fund of funds, which means it invests in other venture capital firms. The Venture Michigan Fund II is worth $120 million and is managed by Credit Suisse. It launched in January as a sequel to the original $96 million Venture Michigan Fund that came out in 2006.
It has invested in a number of other local venture capital firms, including
Plymouth Venture Partners and the
MK Capital's Ann Arbor office. Venture Michigan Fund II's $15 million investment in Venture Investors Early Stage Fund V will be directed at investing in start-ups in the life science, clean-tech and other high-tech companies in Michigan.
Source: Sean O'Donnell, vice president of Credit Suisse's Michigan Office
Writer: Jon Zemke
Read more about Metro Detroit's growing entrepreneurial ecosystem at SEMichiganStartup.com.
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