Pfizer Ventures, student-run Wolverine Venture Fund back $21m NeuMoDx Series B


wolverine-hugh-jackman-angel-investorPfizer Ventures has led a $21m Series B round for diagnostics business NeuMoDx, which also included backing from the student-managed Wolverine Venture Fund.

Baird Capital, Venture Investors and existing investor Arboretum Ventures also took part in the round for the company, which specialises in high throughput, low cost molecular testing.

The $6.5 million Wolverine Venture Fund was the country’s first student-led venture fund, and is managed by pupils at The Samuel Zell & Robert H Lurie Institute for Entrepreneurial Studies at Michigan Ross School of Business.

The Wolverine Fund also took part in NeuMoDx’s $5m Series A financing round in 2012.

Faculty managing director, Professor Erik Gordon, said the students performed professional-level follow-up due diligence on the technical and market adoption aspects of the investment, and concluded that it fit the fund’s criteria for growth and return on investment.

He said, “The students as a group bring to the table broad array of expertise, including scientific, engineering, marketing, clinical and financial experience.”

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