1/1/2024 0 Comments Watermark senseTogether, the five groups have more than 170 investors, according to the MCN website. In addition to its four traditional venture capital funds, the Michigan Capital Network also operates five angel investing groups around the state: the Grand Angels, Ka-zoo Angels, Woodward Angels, Flint Angels and Bluewater Angels. "Market downturns have historically been successful periods for investing in VC assets from a fund return standpoint, but it's likely the recent success in fundraising was just sustained momentum from 2021 - not from LPs seeking to time the market," reads the report. The report, however, notes that VC funds were likely in discussion with many of those limited partners well ahead of any volatility. Through June 30, the two organizations had tracked 415 venture funds raising $121.5 billion, according to the quarterly Venture Monitor report. Venture capital funds set a record for fundraising last year, with industry publication Pitchbook and the National Venture Capital Association tracking 999 funds raising $138.9 billion. The strong interest from investors comes amid some sense earlier this year that the venture capital and startup worlds were beginning to cool, facing challenges in a declining macroeconomic climate. The earlier VC funds help to "build on our investment strategy in a way that will grow our state's economy," D'Amato said. and Grand Rapids Aseptic Manufacturing Inc., which is producing a monkeypox vaccine for the U.S. Investments include Tetra Therapeutics Inc., Facility Health Inc., HealthBridge Financial Inc. "This expansion reflects the ever-growing interest of investors in Michigan's tech startup sector," D'Mato said in a news release. ![]() The firm's venture capital funds primarily invest in Michigan companies within a variety of industries, including advanced manufacturing, life sciences and software and IT. Strong interest in "alternative investments" is helping drive that increase, according to Paul D'Amato, CEO and managing director of MCN.Ī regulatory filing Monday shows that the MCN fourth fund has closed on a total of $23.7 million from 81 investors, with a minimum investment of $250,000. Securities and Exchange Commission to increase the total investment amount of its Fund IV from $25 million to $35 million. Grand Rapids-based Michigan Capital Network on Monday announced it has submitted filings with the U.S. ![]() Despite a cooling capital markets environment, a Michigan venture capital firm is touting strong demand for its fourth fund.
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