Company expands venture capital work into Kalamazoo

Open Prairie Ventures is a venture capital firm that invests in early-stage companies developing agricultural technology and medical devices. For five years it has been working with the economic development entity Southwest Michigan First. Now that relationship moves to the next level as Open Prairie Ventures expands its Kalamazoo operations and shares offices with Southwest Michigan First.

As it looks for investments, the company seeks out those that bring together agriculture and life science technolgies. Because it takes an active role in working with entrepreneurs with which it invests, the company likes to invest in companies within a 250 mile radius of its offices.

When it is investigating investment possibilities Open Prairie looks for evidence that the management team works well together, that it has conducted market studies and assembled key players and a business plan that will launch the company successfully.

Open Prairie Ventures was founded in 1999 and is headquartered in Effingham, Ill. It also has offices in Kansas.

In September 2010, Open Prairie closed its second fund with $30 million of capital.

One of the companies in which it has invested is Vestaron, a Kalamazoo-based company, developing a new generation of insecticides, based on the natural venom produced by spiders.

Open Prairie Ventures Partner Jim Schultz says the company also was attracted by Michigan’s “vibrant ecosystem for early-stage investments.”

Writer: Kathy Jennings
Source: Jim Schultz, Open Prairie Ventures