InvestMichigan! VC fund pumps $96 million into Michigan companies

Thursday, September 16, 2010 | Source: Metromode
The InvestMichigan! Growth Capital Fund is putting up some impressive numbers these days. It has invested $95.78 million in 20 Michigan-based companies which employ 2,800 people.

That list of companies reads like a who's who of promising start-ups, including Ann Arbor-based Accuri Cytometers, Salon Grafix of Auburn Hills, and InTouch Health. That last company is moving from California to Michigan, thanks in part to that investment.

"It's evidence that there is a vibrant, emerging economy taking shape," says Charlie Rothstein, founder and senior managing director of Beringea. The Farmington Hills-based venture capital firm, the largest in Michigan, is co-managing the InvestMichigan! Growth Capital Fund with Credit Suisse's Customized Fund Investment Group.

The fund is made up of institutional investors such as the State of Michigan Retirement Systems and Municipal Employees Retirement System of Michigan. The fund invests in early stage and mature companies that are either headquartered in or moving to Michigan, or have a significant workforce in the state.

So far about 46 million, or 40 percent, of the total program capital has been allocated or reserved. The fund has proven to be quite popular with local start-ups, having received applications for 846 potential investments since the fund's inception.

Source: Charlie Rothstein, founder and senior managing director of Beringea
Writer: Jon Zemke
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