Ann Arbor venture capital firm lands investment from Venture Michigan Fund
The $120 million Venture Michigan Fund 2, the second version of a statewide investment vehicle created to spark investment in early-stage companies, is managed by global financial firm Credit Suisse’s Customized Fund Investment Group.
Credit Suisse's managers authorized the investment in Plymouth Venture Partners, which recently announced that it had raised $41 million for investments in Midwestern startup companies.
Plymouth is riding a wave of momentum fueled by a number of successes, including well-timed investments in Scio Township-based medical device firm Accuri Cytometers and New Boston-based Pump Engineering.
“Our firm has a long standing tradition of investing in Michigan, and this commitment will help accelerate our activity within the state," Plymouth Venture Partners managing partner Mark Horne said in a statement. "The Venture Michigan Fund program is very important to funds like PVP II, and we’re excited to partner with VMF II as we actively look for new investment opportunities throughout the region.”
Venture capital firms take risks and invest cash in promising high-tech startup companies in hopes of reaping strong returns several years later when the company is sold or goes public.