Michigan awards nearly $53 million to eight existing and emerging evergreen funds
The bulk of the funding was awarded to five existing funds.
Governor Gretchen Whitmer has announced the initial eight recipients of the first-ever Michigan Innovation Fund (MIF) signed into law earlier this year.
With bipartisan support from elected officials in the State Legislature, the fund received a $60 million appropriation to distribute across existing early stage evergreen venture funds in Michigan, emerging evergreen funds in Michigan, and others who contribute to the entrepreneurial ecosystem in Michigan, especially toward start-up companies, founders, and funds.
Existing evergreen funds receiving allocations were:
- ID Ventures, $10.6 million;
- Ann Arbor SPARK, $10.6 million;
- University of Michigan Accelerate Blue Fund, $10.6 million;
- Michigan State University Research Foundation, $10.6 million; and
- Western Michigan University Biosciences Research & Commercialization Center, $5.3 million.
Three emerging evergreen funds received allocations as follows:
- InvestUP, $1.6 million;
- 20Fathoms, $1.6 million; and
- Grand Valley Research Corp., $1.6 million.
The $7.2 million remaining of the total $60 million appropriation will be used for entrepreneurial support programs and a pitch competition.
Like what you've read?
Forward to a friend!