Ann Arbor's Plymouth Venture Partners raises $41 million for new venture capital investments
Ann Arbor-based venture capital firm Plymouth Venture Partners said today that it had raised $41 million for investments in Midwestern startup companies, topping its goal of $30 million to $40 million.
The new fund, called Plymouth Venture Partners II, will invest up to $5 million in companies in various sectors.
It marks the second time this month that an Ann Arbor-based venture capital firm has topped its fundraising goal. Arboretum Ventures reported Sept. 8 that it had raised $140 million for new investments, beating its goal of $125 million.
Collectively, the successful fundraising efforts reflect a surge of momentum for the Ann Arbor venture capital community, which makes up most of the Michigan VC industry.
"We have seen a considerable increase in the number of Great Lakes early stage companies, but there is a significant shortage of capital to support their growth," Mark Horne, CEO of Plymouth Venture Partners, said in a statement. "Our new fund has been raised to meet this need."
PVC II has already made three investments. The firm's most recent investment fund made 29 investments totaling about $23 million.
The firm has achieved a few key victories that have drawn more attention to its investment activities. The company's early-stage investment in Scio Township-based Accuri Cytometers paid off big when Accuri was sold this year to Becton, Dickinson and Co. for $205 million.
Contact AnnArbor.com's Nathan Bomey at (734) 623-2587 or nathanbomey@annarbor.com. You can also follow him on Twitter or subscribe to AnnArbor.com's newsletters.
Comments
Veracity
Thu, Sep 22, 2011 : 4:18 p.m.
I wish that these venture capital partnerships would report how many jobs are created and in what states (or countries if other than the USA). Also listing the jobs created by type of skills required and salary will indicate the value of these jobs to their communities. Finally, annual employment reports could reveal the frequency of personnel turnover in the various jobs created which will answer the question regarding how many jobs are temporary and how many are permanent.
1bit
Thu, Sep 22, 2011 : 1:26 a.m.
Optimism is contagious - please spread the word.
Kai Petainen
Wed, Sep 21, 2011 : 10:26 p.m.
we've been hearing a lot about VC getting money in the Ann Arbor area in the past few months. congrats! and best of luck....
xmo
Wed, Sep 21, 2011 : 7:42 p.m.
Is the Money raised from all of those million/billionaires that don't pay their fair share of Taxes? It seems that they know how to spend their money better than the Federal Government! They at least create Jobs!