State and local officials are committing $5.5 million to kick-start efforts to launch an evergreen fund that would help propel early-stage technology startups.
Invest Detroit Ventures, Invest Detroit's venture capital unit, received a $3 million boost from the Detroit-based Ralph C. Wilson Jr. Foundation, along with $2.5 million from the Michigan Economic Development Corp. to convert its First Capital Fund into a sustainable evergreen fund — which does not have specific time constraints, according to a Thursday news release.
