The Michigan Angel Fund has closed on its second fund worth $2.05 million. The firm specializes in making early stage investments in Michigan-based tech startups. Those investments usually range from $250,000 to $2 million.
The fund expects to make between eight to 10 investments over the next two years, mostly in startups too young for traditional venture capital investment.
"It is designed to fill that need as well for our tech startups," says Skip Simms, managing member of the Michigan Angel Fund, which is overseen by Ann Arbor SPARK.
The Michigan Angel Fund was also designed to introduce more high-net-worth individuals into angel investing. The fund launched three years ago with 72 members. The second fund has 62 members with more than half of the investors in the first fund.
"The investors come from all over the state and some outside of the state," Simms says. "Some of the investors in the first fund come from as many as four different states."
The first investment vehicle from the Michigan Angel Fund is fully invested. Some of the portfolio companies include Avegant, Arborlight, BioPhotonics Solutions, Eco-Fueling, Epsilon Imaging, Larky, stkr.it, and Varsity News Network.
Source: Skip Simms, managing member of the Michigan Angel Fund
Writer: Jon Zemke
Read more about Metro Detroit's growing entrepreneurial ecosystem at SEMichiganStartup.com.
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