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InvestMichigan

North America, Michigan, United States, Farmington Hills

Description

InvestMichigan! Growth Capital Funds represent a significant initiative designed to stimulate economic growth and foster job creation within the state of Michigan. Established with capital from the Michigan State Retirement Systems, these funds were strategically managed by two distinct entities: Beringea, a well-established venture capital firm, and GCM Customized Fund Investment Group, L.P. (now part of GCM Grosvenor), an institutional alternative asset manager. The program's core objective was to provide essential growth capital to high-potential, Michigan-based companies, thereby diversifying the state's economy and supporting its entrepreneurial ecosystem.

The initiative comprised two primary funds. The first, InvestMichigan! Growth Capital Fund I, was launched in 2008 with a substantial capital commitment of $120 million. This was followed by InvestMichigan! Growth Capital Fund II, which commenced operations in 2012 with an additional $100 million in capital. Beringea was responsible for the direct investment component, identifying and investing directly into promising companies across sectors such as advanced manufacturing, information technology, life sciences, and clean technology. Concurrently, GCM Customized Fund Investment Group managed the fund-of-funds portion, allocating capital to other Michigan-focused venture capital firms, thereby broadening the reach and impact of the overall program.

InvestMichigan! Growth Capital Funds typically targeted companies that had moved beyond the seed stage and were seeking capital for expansion, product development, or market penetration. Beringea, on behalf of the funds, generally sought to make initial investments ranging from approximately $1,000,000 to $10,000,000, with the potential for larger follow-on investments as companies achieved milestones. This focus on growth equity aimed to support businesses with proven models and significant scaling potential, contributing directly to the state's economic revitalization efforts by fostering innovation and creating sustainable employment opportunities across various industries.

Investor Profile

InvestMichigan has backed more than 52 startups, with 0 new investments in the last 12 months alone. The firm has led 4 rounds, about 8% of its total and boasts 28 exits across its portfolio.

Investment Focus Highlights

  • Concentrates on Series Unknown, Series A, Series B rounds (top funding stages).
  • Majority of deals are located in United States, United Kingdom, Canada.
  • Strong thematic focus on Health Care, Medical, Software.
  • Typical check size: $1M – $10M.

Stage Focus

  • Series Unknown (46%)
  • Series A (15%)
  • Series B (10%)
  • Series C (8%)
  • Series D (6%)
  • Private Equity (6%)
  • Seed (6%)
  • Equity Crowdfunding (2%)
  • Series E (2%)

Country Focus

  • United States (92%)
  • United Kingdom (6%)
  • Canada (2%)

Industry Focus

  • Health Care
  • Medical
  • Software
  • Biotechnology
  • Manufacturing
  • Medical Device
  • Information Technology
  • Enterprise Software
  • Electronics
  • Mobile
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FAQ

Frequently Asked Questions

Learn who this investor regularly partners with—both firms and angels—and explore their latest activity.

Who does InvestMichigan frequently co-invest with?

Baird Capital
North America, Wisconsin, United States, Milwaukee
Co-Investments: 6
Plymouth Growth
North America, Michigan, United States, Ann Arbor
Co-Investments: 2
Michigan Angel Fund
North America, Michigan, United States, Ann Arbor
Co-Investments: 4
Index Ventures
North America, California, United States, San Francisco
Co-Investments: 1
Beringea
North America, Michigan, United States, Farmington Hills
Co-Investments: 16
F-Prime Capital
North America, Massachusetts, United States, Cambridge
Co-Investments: 2
Accel
North America, California, United States, Palo Alto
Co-Investments: 1
Invest Detroit
North America, Michigan, United States, Detroit
Co-Investments: 2
Arboretum Ventures
North America, Michigan, United States, Ann Arbor
Co-Investments: 4
Flagship Pioneering
North America, Massachusetts, United States, Cambridge
Co-Investments: 2

Which angels does InvestMichigan often collaborate with?

JR
North America, California, United States, San Francisco
Shared Deals: 1

What are some of recent deals done by InvestMichigan?

Genomenon

Ann Arbor, Michigan, United States

Genomenon develops software tools to rapidly and autonomously prioritize data points for decision-making.

Developer ToolsEnterprise SoftwareGeneticsMedicalSoftware
Series AMar 16, 2021
Amount Raised: $5,300,000
Arrive

Chicago, Illinois, United States

Arrive is a provider of parking and other connected mobility services through apps, websites, voice platforms.

GeospatialInternetLocation Based ServicesMobile AppsParkingSoftware
Series UnknownFeb 25, 2020
Amount Raised: $149,999
Autobooks

Detroit, Michigan, United States

Autobooks is an integrated payments and accounting platform for business, delivered through online banking.

AccountingBankingE-CommerceFinancial ServicesFinTechPayments
Series AFeb 7, 2018
Amount Raised: $10,000,000
ONL Therapeutics

Ann Arbor, Michigan, United States

ONL Therapeutics is a biopharmaceutical company dedicated to protecting vision through the protection of photoreceptors.

BiotechnologyHealth CarePharmaceuticalTherapeutics
Series AMay 17, 2017
Amount Raised: $4,250,000
All in One Medical

Horsham, West Sussex, United Kingdom

All in One Medical a trading name of DCCL was founded in 2003 with the aim of bringing to market an innovative, high quality, and highly

BiotechnologyHealth CareHospitalMedical
Series UnknownAug 1, 2016
Blis

London, England, United Kingdom

Blis is a platform for advertising that provides customized performance and targeting without depending on personal information.

AdvertisingAdvertising PlatformsDigital MediaLocation Based ServicesMobile Advertising
Series BApr 12, 2016
Amount Raised: $25,000,000
ParkWhiz

Chicago, Illinois, United States

ParkWhiz is the fastest and most convenient way for drivers to find and book parking spaces before reaching their destination.

ParkingTranslation ServiceTransportationTravel
Series CJan 26, 2016
Amount Raised: $24,000,000
Genomenon

Ann Arbor, Michigan, United States

Genomenon develops software tools to rapidly and autonomously prioritize data points for decision-making.

Developer ToolsEnterprise SoftwareGeneticsMedicalSoftware
SeedJan 7, 2016
Amount Raised: $940,000
ContentOro

Ann Arbor, Michigan, United States

ContentOro Connects Businesses with Customers by access to our large library of professionally written, edited and curated content.

AdvertisingContent CreatorsSEO
SeedNov 11, 2015
Amount Raised: $450,000
SkySpecs

Ann Arbor, Michigan, United States

Simplifying renewable energy asset management with purpose-built technologies, delivering industry-leading productivity.

AnalyticsAsset ManagementRenewable EnergyRoboticsWind Energy
Series ANov 9, 2015
Amount Raised: $3,000,000