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.