Huron River Ventures now has funding for its first venture capital investment fund, Huron River Venture 1, which raised $11 million. So reports Concentrate Media.
The Ann Arbor, Michigan-based venture capital firm, started in 2011 by Tim Streit and Ryan Waddington, focuses on cleantech investments in the energy, transportation infrastructure and agricultural fields. To date, the fund has raised $6 million from the state of Michigan, and additional capital from some local institutions such as DTE Energy and from about 50 private investors, according to Concentrate.
The state of Michigan’s investment, through the Michigan Economic Development Corp. , was part of a plan unveiled in 2010 to launch two early-stage venture capital firms in the state, according to Crain’s Detroit Business. The Grand Rapids-based Michigan Accelerator Fund I also received $6 million from the state, Crain’s reports.
Huron River, which has two staff people and some independent contractors, has already made some investments. Among them are Ambiq Micro, a spin out of the University of Michigan, Root3 Technologies, and SideCar Technologies. The firm has also invested in three Ann Arbor companies: OptoAtmospherics, FarmLogs, and Covaron Advanced Materials, all three of which are based in Ann Arbor, says Concentrate.
Huron River closed one deal last week and hopes to close another one or two before year-end.
The firm currently has two offices in Michigan. Waddington manages the Ann Arbor office and Streit manages an office in Grand Rapids.
To read the full Crain’s article cited in this story, click here
To read the full Concentrate Media article cited in this story, click here