The Michigan Angel Fund (MAF) closed 2015 with $2.91 million of investment, including six deals totaling $1,578,000 in the last quarter.
“MAF investments in these Michigan companies not only directly support our entrepreneurial economy, but also attract outside investment to the state,” said Skip Simms, MAF manager, and senior vice president, Ann Arbor SPARK. “It’s exciting to see more and more startups staying in Michigan, and to see the interest in helping these companies succeed and grow. Angel activity continues to expand throughout the state, with a growing number of investors committing themselves to funding the next generation of startups in Michigan.”
MAF led a $750,000 Series A in Detroit-based BoostUp, a first-of-its-kind social savings platform that helps people save for a down payment on their next car or home purchase.
Romulus, Mich-based Eco-Fueling raised MAF funding as part of a bridge financing round totaling $500,000. The funding will expand the market for its Eco-Fueling Injection System (ECOIS). ECOIS is a dual fuel engine combustion technology based on mixing E85 with diesel being injected into in the combustion chamber of the Diesel engine.
MAF participated in a Series AA in Detroit-based FoodJunky.com, led by Blue Water Angels. Foodjunky.com is the way businesses order food online. Its clients include Hewlett Packard, BDO, Quicken Loans, and General Motors.
MAF led a nearly $1 million round of investment in Ann Arbor, Mich.-based Genomenon. The company’s software helps clinicians and researchers better understand patient genomes for diagnosis an discovery. Other investors in this series seed round included Detroit Innovate, Three Leaf Ventures, Danmar Capital, and Invest Michigan.
Troy, Mich-based Levanto recently closed an oversubscribed $1.6 million seed round led by MAF, with participation from Crosslink Capital, Commerce Ventures, RockPoint Capital, Steelhead Ventures, and Gibraltar Ventures. Levanto helps busy households plan, budget, spend, and save better by combining mobile tech and data analytics with the personal service of a real financial expert.
MAF’s investment in Ann Arbor based-SkySpecs pushed the company to a nearly $4 million raise, led by Venture Investors and Huron River Ventures. SkySpecs’ drone technology can be operated by anyone in the field, and is focused on wind turbine inspection with plans to expand to other inspection applications, like cell towers, power transmission, and civil structures.
With 100 members, MAF is the largest angel organization in Michigan. There are currently 15 companies in the MAF portfolio.
MAF was established by Ann Arbor SPARK, with administrative support from the Michigan Economic Development Corporation, to help finance early stage companies in Michigan and to attract additional angel investors.
As managing member, Ann Arbor SPARK coordinates screenings of MAF applicants, conducts due diligence, and works with the New Enterprise Forum to prepare companies for their investor presentations. Ann Arbor SPARK also works with business accelerator organizations around the state to identify quality companies for potential MAF investment.
MAF funds companies that are seeking early investments from $250,000 to $2,000,000. Businesses interested in applying for MAF investment can find info about the selection process online at http://www.miangelfund.com/entrepreneurs/working-with-us/