61 Michigan-Based Startup Companies Received $385 Million in Venture Capital from Michigan Venture Capital Firms; $964 Million Needed for Continued Growth of Michigan Startup Companies
April 22nd update: This blogpost now contains an interview with MVCA Executive Director Ara Topouzian.
Ann Arbor, MI – April 15, 2019 – Michigan Venture Capital Association (MVCA), the nonprofit trade association that increases the amount of capital and talent for Michigan’s entrepreneurial and investment community, today announced the release of the 2019 MVCA Research Report, a comprehensive analysis of investment activity in the state. The report showed Michigan had a record-breaking year in 2018 with 61 startups in the state receiving $385 million from Michigan venture capital firms; however, there is heightened demand for additional capital to support the growth of local startup companies. According to the report, an estimated $964 million of additional venture capital is needed to support the growth of Michigan startups in the next two years.