Last month, the Michigan Economic Development Corporation (MEDC) announced it was accepting applications for the newly created Pure Michigan Venture Fund (PMVF). The fund, which has $5 million to invest and will seek an additional $4 million from the legislature, is targeting first- and second-generation venture capital firms that have raised at least $1 million from three unrelated investors, but not more than $25 million. “We’re looking for firms that will be helped by a big anchor investment,” says Mike Flanagan, the MEDC’s manager of equity capital programs. Credit Suisse has volunteered to review applicants to the PMVF; after a 90-day process, they’ll recommend finalists to the state.
To read the full, original article click on this link: State Launches Pure Michigan Venture Fund | Xconomy
