Venture capital investment in Michigan companies from January through March plunged to its lowest quarterly level in seven years, according to a new report released today.
Only $3.1 million went to six companies in the state in this year's first quarter, compared with $14.2 million in four deals in the year-ago period.
The new figures are from the MoneyTree Report from PricewaterhouseCoopers and the National Venture Capital Association.
Ronald Reed, chairman of the Michigan Venture Capital Association and managing director of Birmingham-based Seneca Partners, said there were no unusual factors that caused the drop in investment dollars.
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