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The Michigan Accelerator Fund – I, established in 2010, is a venture capital fund located in Grand Rapids, Michigan. Managed by Charter Capital Partners, the fund has a total size of $15 million and is currently fully invested. It primarily supports early-stage companies in Michigan, emphasizing sectors such as life sciences technology, advanced manufacturing, and alternative energy. The fund's mission is to stimulate innovation and economic growth within the region.
Over the years, the Michigan Accelerator Fund – I has made a total of 19 investments, showcasing its commitment to fostering local startups. The fund collaborates closely with the Michigan Venture Capital Association and co-invests with other members to ensure ongoing support for its portfolio companies. This collaborative approach enhances the fund's ability to contribute to the local economy and support innovative ventures.
The Michigan Accelerator Fund – I targets early-stage investments in companies based in Michigan, with a strong emphasis on life sciences technology, advanced manufacturing, homeland security, alternative energy technology, information technology, and agriculture. The fund seeks to identify startups that demonstrate potential for significant growth and contribute positively to the local economy.
Investment stages include Seed, Seed+ (Extension), and Series A, allowing the fund to engage with companies at various points in their development. The typical check size is not explicitly stated, but the fund's total size of $15 million indicates a focus on providing substantial support to its portfolio companies. The fund's investment strategy is designed to foster innovation and growth within Michigan's diverse sectors.
The Michigan Accelerator Fund – I has invested in a variety of companies across different sectors. Notable portfolio companies include:
In total, the fund has made 19 investments, reflecting its commitment to supporting early-stage companies in Michigan. These investments span key sectors such as healthcare, biotech, energy, and fintech, aligning with the fund's strategic focus on fostering innovation and economic growth in the region.
John Kerschen — Managing Director at Charter Capital Partners and Managing Director of the Michigan Accelerator Fund – I. He has extensive experience in venture capital and regional investment.
Dale Grogan — Managing Director at Charter Capital Partners and Managing Director of the Michigan Accelerator Fund – I. He brings significant expertise in managing venture capital investments.
Brian Hamilton — Senior Venture Capital Associate at Charter Capital Partners. He supports the fund's investment activities and portfolio management.
As of 2023, the Michigan Accelerator Fund – I is reported to be fully invested, with a total fund size of $15 million. The fund has made 19 investments since its inception in 2010, focusing on early-stage companies in Michigan.
The fund's follow-on investment strategy includes the recently closed $5 million MAF Opportunity Fund, which was oversubscribed. This fund is designed to maintain ownership in follow-on rounds for existing portfolio companies, indicating a disciplined approach to reserve management.
What are the investment criteria for Michigan Accelerator Fund – I?
The fund primarily invests in early-stage companies based in Michigan, focusing on sectors such as life sciences technology, advanced manufacturing, and alternative energy technology. The fund looks for startups that demonstrate potential for significant growth and contribute positively to the local economy.
How can I apply or pitch to Michigan Accelerator Fund – I?
While specific application details are not provided, founders are encouraged to reach out to the fund through its management team at Charter Capital Partners. A well-prepared pitch deck highlighting the startup's value proposition, market potential, and team is essential.
What makes Michigan Accelerator Fund – I different from other VCs?
This fund focuses exclusively on early-stage companies in Michigan, providing not only capital but also strategic support through its management team. The fund's collaboration with other Michigan VC Association members enhances its ability to support portfolio companies.
What is the fund size and check size range?
The Michigan Accelerator Fund – I has a total fund size of $15 million. While specific check sizes are not disclosed, the fund's focus on early-stage investments suggests that it provides substantial support to its portfolio companies.
What is the geographic scope of the fund?
The fund exclusively targets companies located in Michigan, emphasizing its commitment to fostering local economic development and innovation.
What kind of post-investment involvement can founders expect?
The Michigan Accelerator Fund – I provides strategic support through its management team at Charter Capital Partners, which has extensive experience in venture capital and regional investment. This support may include mentorship, operational guidance, and assistance with follow-on funding.
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