The InvestMichigan! Growth Capital Fund portfolio keeps getting bigger, adding one more company last week and setting its sights on more for later this year.
"You can expect to see some more action from the fund," says Michael Gross, managing director of Beringea
The $185 million mezzanine fund, which is co-managed by Beringea
and Credit Suisse, has invested in 26 growing companies in the Great Lakes State. The latest is a $2.5 million investment in a Series A venture capital round worth a total of $9.9 million for Molecular Imaging
made by Beringea. The Ann Arbor-based start-up provides in vivo pre-clinical imaging services for pharmaceutical, biotechnology and medical devices industries.
"We think this is a segment of the market for a focused player to emerge," Gross says.
The InvestMichigan! Growth Capital Fund
is made up of institutional investors such as the State of Michigan Retirement Systems and Municipal Employees Retirement System of Michigan. The fund invests in early stage and mature companies that are either headquartered in or moving to Michigan, or have a significant workforce in the state.
Source: Michael Gross, managing director of Beringea
Writer: Jon Zemke
Read more about Metro Detroit's growing entrepreneurial ecosystem at SEMichiganStartup.com.