Ann Arbor, MI-based Renaissance Venture Capital Fund announced this week that it has invested in Austin, TX-based Next Coast Ventures. The fund-of-funds, which puts money into out-of-state VC funds to help entice them to invest in Michigan startups, did not disclose the amount of the investment.
Chris Rizik, CEO of Renaissance and Detroit/Ann Arbor Xconomist, says his team first met the folks at Next Coast, which primarily invests in early-stage software and IT companies, about six months ago. The initial meeting went so well, Renaissance invited Next Coast to Michigan to participate in an immersion session.
