The state of Michigan has launched a new $120-million venture capital pool that will invest in seed and early-stage venture capital funds that in turn invest in high-tech companies in the state. Venture firms that receive money from the Venture Michigan Fund II will be required to invest at least as much in Michigan-based companies as they receive in capital commitments, according to a news release.
Venture Michigan Fund II follows the first Venture Michigan Fund formed in 2006, which invested $95 million into 11 VC funds. To date, with about 36 percent, or $34 million, of VMF I capital deployed, fund managers have invested more than $38 million in 15 Michigan-based companies, according to the release.
To read the full, original article click on this link: Michigan Launches New $120M VC Pool to Spur Investments in State Tech Startups | Xconomy
Author: Howard Lovy
