ANN ARBOR, Mich., June 25, 2014 /PRNewswire/ -- Ann Arbor SPARK has been awarded $500,000 from the Michigan Economic Development Corp. for continuation of the Michigan Angel Fund (I), and to establish the Michigan Angel Fund II.
"The success of the Michigan Angel Fund shows that there's a real need for this type of very early stage capital in the state, and a pool of investors that are interested in backing those startups," said Skip Simms, Ann Arbor SPARK senior vice president and Michigan Angel Fund managing director. "By focusing on companies that don't need a large investment to meet a major milestone, the Michigan Angel Fund is helping startups across the state make important leaps forward on the road to commercialization or additional funding."
The Michigan Angel Fund is a for-profit, professionally managed equity fund focused on capital efficient early stage companies located in Michigan. The Michigan Angel Fund I is a $2 million fund that, with nearly 70 members, is the largest angel organization in Michigan.
The Michigan Angel Fund I has six investments in its portfolio.
Ann Arbor SPARK founded the Michigan Angel Fund, with administrative support from the Michigan Economic Development Corp., to help finance early stage companies in Michigan and to attract additional angel investors.
As managing member of the Michigan Angel Fund, 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 Michigan Angel Fund investment.
The Michigan Angel Fund invests in companies that are seeking early funds, from $200,000 to $2,000,000.
Businesses interested in applying for Michigan Angel Fund 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 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