Detroit Venture Partners has received $2.25 million from the Pure Michigan Venture Development Fund, an infusion of seed capital that will help the downtown Detroit-based venture capital fund
hit its goal
of surpassing $50 million with its first fund.
The Pure Michigan Venture Development Fund invests in first- and second-generation venture capital funds in Michigan that have raised at least $1 million in private dollars. The money is meant to help bolster and grow the Great Lakes State's investment community.
"It's a big show of support from the state," says Jake Cohen, partner with Detroit Venture Partners
He adds that the $2.25 million from the Pure Michigan Venture Development Fund
will help Detroit Venture Partners make three or four more investments. The 2-year-old venture capital firm has raised $28 million for its first fund and has made more than 20 investments. Detroit Venture Partners
is based in the M@dison Building and most of its investments are also based in downtown Detroit.
"Raising more capital means we can make more investments in Detroit," Cohen says. "It's just more firepower for us."
Source: Jake Cohen, partner with Detroit Venture Partners
Writer: Jon Zemke
Read more about Metro Detroit's growing entrepreneurial ecosystem at SEMichiganStartup.com.