The business development agency Ann Arbor SPARK said on Wednesday that it has been awarded $500,000 from the Michigan Economic Development Corporation (MEDC) to continue the Michigan Angel Fund and to raise the group’s second fund, called Michigan Angel Fund II.
“The whole idea behind the Michigan Angel Fund is to allow qualified investors to participate in the growth of the tech startup economy in the state,” says Skip Simms, Ann Arbor SPARK’s senior vice president and the Michigan Angel Fund’s managing director. “Angel investing is critical to retaining companies in Michigan so they don’t have to leave to find capital.”
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To read the original article: Ann Arbor SPARK Snags $500K From MEDC to Establish New Angel Fund | Xconomy
