The Michigan Venture Capital Association Thursday released its 2010 year-to-date report on venture capital activity in Michigan.

As of August, more than $123 million in venture capital has been invested in Michigan-based start-ups, a 35 percent increase compared to 2009 year-to-date financings.

However, the number of deals was down slightly, to 10. The number of deals was 12 a year earlier.

Six of the 10 deals were made in Series B rounds or later, explaining the larger amount of venture funding across fewer companies this year versus last year.

Life sciences dominated the deals at 75 percent, with clean tech comprising the other 25 percent. There were no IT or other deals.

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“This report conveys the progress the venture and entrepreneurial community has made in Michigan,” said MVCA executive director LeAnn Auer. “Our year-to-date numbers are substantially higher than last year, proving there are both exceptional companies to fund in our state as well as a growing VC community here to support them.”

The MVCA is a non-profit trade organization designed to bring together venture capital industry participants in the state of Michigan. The organization’s goal is to grow and sustain a vibrant venture capital community in Michigan. Membership includes private venture capital funds, corporate venture capital funds, private equity firms, angel investors, and entrepreneurial infrastructure participants.

(c) 2010, WWJ Newsradio 950. All rights reserved.


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