Business Review West Michigan reports that the state has awarded $6 million in seed money to a new Grand Rapids venture capital fund. The group plans to invest $10 million in Michigan startups that will create jobs.
According to excerpts from the story:
A Grand Rapids investment group, backed with $6 million in seed money from the state, plans to launch a $10 million venture capital fund that will target young companies in Michigan.
Michigan Accelerator Fund I was one of two new groups to receive funding on Monday from the Michigan Strategic Economic Investment & Commercialization Board. The panel hopes to leverage its investment to spur creation of new home-grown investors who back Michigan-based startups that can create jobs and diversify the state's economy.
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