Michigan fund-of-funds raises $81 million for early stage startups



ImpactAlpha, May 15 – Renaissance Venture Capital Fund was launched in 2008 to bring startup capital to the state during recessions. It invests in venture capital firms that support early stage Michigan startups. The latest close is the third for Renaissance. Two earlier funds raised $45 million and $79 million.

  • Investors… include DTE Energy Co., AAA Michigan, Blue Cross Blue Shield of Michigan, La-Z-Boy Inc., Meijer Inc., Burns & Wilcox, as well as unnamed universities, pension funds and foundations.
  • Wider interest… So far, 25 backers have reportedly invested, up from 10 in Renaissance’s first fund.
  • More money… Renaissance has invested $75 million from two funds and says its investees have poured $1.3 billion into Michigan startups and supported the creation of 1,300 jobs.

“The fund was started in the depths of the recession, in an attempt to lure capital to a state that desperately needed it,” Crain’s Chicago reports. “Companies that are reinvesting in the new fund are doing so partly because they’ve seen great returns.”

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