Michigan-based fund of funds Renaissance Venture Capital Fund (RVCF) has attracted nearly $300m for 20 Michigan-based companies by committing $16.7m to venture capital funds.
RVCF invests in US-based venture capital funds and then connects those funds with the state’s technology and entrepreneurial base.
The fund noted that since its launch in 2008 venture capital has grown only three per cent in the US, while venture investment in Michigan companies has jumped 69 per cent. It aims to attract more than $1bn in venture capital investment in the state and create more than 25,000 jobs.
RVCF CEO Chris Rizik said, “We provide capital that increases entrepreneurial activity and we connect young innovative start-ups with Michigan’s established companies, to the benefit and financial success of both parties. We have a proven model for expanding innovation, growing jobs and earn solid returns for our investors.”
“Our investments are not only profitable, but have already created hundreds of excellent Michigan jobs with average pay of approximately $80,000. All while at the same time providing strong financial returns, proving to the world that Michigan is an attractive state in which to invest and to start a business.”
Last year the fund more than doubled in size to $110m through partnerships with corporate investors including DTE Energy, Blue Cross Blue Shield of Michigan, Meijer, Ford Motor Company and AAA-Michigan.
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