ANN ARBOR, Mich., July 17, 2013 /PRNewswire/ -- The Michigan Angel Fund (MAF), a professionally managed equity fund focused on capital efficient early stage companies located in Michigan, recently closed the fund to new investors. MAF is a $2 million fund that, with more than 70 members, is the largest angel organization in Michigan.
MAF has already made its first investment, in East Lansing-based BioPhotonics Solutions, a Michigan State University spin-out venture, producing technology that automates the process of shaping and compressing ultrashort (femtosecond) laser pulses, ultimately improving their utility.
"MAF is an important addition to Michigan's evolving entrepreneurial eco-system," explains MAF managing director Skip Simms. "The venture industry in our state has grown dramatically the past few years, with hundred of millions of dollars ready to be deployed in companies needing several million to grow. Our focus is on funding companies that do not need a lot of capital to get to profitability. Most VCs aren't interested in these investments because the companies are too small, but these smaller companies can still generate significant ROI and contribute to the overall health of our economy."
MAF was established by Ann Arbor SPARK, with administrative support from the Michigan Economic Development Corporation, to help finance early stage companies in Michigan and to attract additional angel investors.
MAF's managing member is Ann Arbor SPARK. As managing member, Ann Arbor SPARK coordinates screenings of fund applicants, conducts due diligence, and works with the New Enterprise Forum to prepare companies for their investor presentations. Ann Arbor SPARK also works with business accelerator organizations around the state to identify quality companies for potential MAF investment.
MAF funds companies that are seeking early investments from $200,000 to $2,000,000.
Businesses interested in applying for MAF investment can find info about the selection process online at http://www.miangelfund.com/entrepreneurs/working-with-us/
About Ann Arbor SPARK
Ann Arbor SPARK, a non-profit organization, is advancing the region by encouraging and supporting business acceleration, attraction and retention. The organization identifies and meets the needs of business at every stage, from start-ups to large organizations. Ann Arbor SPARK collaborates with business, academic, government, and community investor partners including the University of Michigan, Eastern Michigan University, Washtenaw Community College, Washtenaw County, Livingston County, Washtenaw County etcs/Michigan Works!, the City of Ann Arbor, Bank of Ann Arbor and the Michigan Economic Development Corporation. For more information, please call (734) 761-9317 or visit www.AnnArborUSA.org.
SOURCE Ann Arbor SPARK