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The Michigan Accelerator Fund – I, established in 2010, operates out of Grand Rapids, Michigan. This venture capital fund is managed by Charter Capital Partners and has a total fund size of $15 million. Currently, the fund is fully invested, focusing on early-stage companies primarily located in Michigan. The fund's mission is to support the growth of innovative startups that contribute to the local economy, particularly in sectors that are vital to the region's development.
Over the years, the Michigan Accelerator Fund – I has emphasized investments in life sciences technology, advanced manufacturing, and alternative energy. The fund has made a total of 19 investments, showcasing its commitment to fostering innovation within Michigan. The management team at Charter Capital Partners brings extensive experience in venture capital and regional investment, which enhances the fund's ability to provide strategic support to its portfolio companies.
The Michigan Accelerator Fund – I primarily targets early-stage investments in Michigan-based companies. Its investment strategy emphasizes sectors such as life sciences technology, advanced manufacturing, homeland security, alternative energy technology, information technology, and agriculture. The fund seeks to identify and support startups that demonstrate potential for significant growth and innovation.
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 Michigan Accelerator Fund – I also collaborates with other members of the Michigan Venture Capital Association to co-invest, ensuring that its portfolio companies receive continued support and resources.
The Michigan Accelerator Fund – I has invested in a diverse range of companies across various sectors. Notable portfolio companies include:
In total, the fund has made 19 investments, reflecting its commitment to supporting early-stage companies in Michigan. The portfolio showcases a blend of innovative startups that are contributing to advancements in healthcare, agriculture, and technology.
John Kerschen — Managing Director at Charter Capital Partners and Managing Director of Michigan Accelerator Fund – I. He has extensive experience in venture capital and has led numerous investments in early-stage companies.
Dale Grogan — Managing Director at Charter Capital Partners and Managing Director of Michigan Accelerator Fund – I. He brings a wealth of knowledge in regional investment and has been instrumental in the fund's strategic direction.
Brian Hamilton — Senior Venture Capital Associate at Charter Capital Partners. He supports the fund's investment activities and works closely with portfolio companies to drive growth.
To pitch the Michigan Accelerator Fund – I, founders should prepare a comprehensive pitch deck that includes details about the startup's value proposition, market opportunity, and team qualifications. While specific application channels are not provided, reaching out through Charter Capital Partners is advisable.
Founders should expect a response time that varies based on the fund's current engagement levels. A warm introduction through mutual connections within the Michigan VC community may enhance the chances of receiving a timely response.
As of 2023, the Michigan Accelerator Fund – I is reported to be fully invested, with a total of 19 investments made since its inception in 2010. The fund has closed the $5 million MAF Opportunity Fund, which is designed to support follow-on investments in its portfolio companies.
Recent activity includes the fund's continued collaboration with other members of the Michigan Venture Capital Association, ensuring that its portfolio companies receive ongoing support and resources. The fund's management team remains active in the local investment community, contributing to regional economic development initiatives.
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. Companies should demonstrate potential for significant growth and innovation.
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 Charter Capital Partners, which manages the fund. A well-prepared pitch deck highlighting the startup's value proposition, market opportunity, and team is essential.
What makes Michigan Accelerator Fund – I different from other VCs?
This fund is uniquely focused on early-stage companies within Michigan, emphasizing regional economic development. Its management team has extensive experience in venture capital and regional investment, providing strategic support beyond just capital.
What is the geographic scope of the fund?
The Michigan Accelerator Fund – I exclusively invests in companies located in Michigan, aiming to bolster the local economy and support regional innovation.
What is the fund size and check size range?
The fund has a total size of $15 million and typically invests in early-stage rounds, although specific check sizes are not disclosed. The fund's strategy includes co-investing with other Michigan VC Association members to maximize support for portfolio companies.
What kind of post-investment involvement can founders expect?
The Michigan Accelerator Fund – I provides not only capital but also strategic support through its management team at Charter Capital Partners. This includes guidance on business development, operational support, and access to a network of resources.
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