ANN ARBOR — Plymouth Venture Partners II managing partner Mark Horne reported Wednesday that the fund had concluded its money-raising activity with a total of $41 million of capital committed.
That’s slightly above the target range of between $30 million and $40 million.
The fund aims to provide growth capital to young companies headquartered in the Great Lakes region that have begun commercialization of their products or services in the market and need capital for their next growth step. Plymouth Ventures II is looking for companies seeking up to $5 million in total capital.
“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,” Horne said. “Our new fund has been raised to meet this need.”
Horne said that through earlier closings the fund has already invested in three companies.
“These companies have implemented their growth plans and are demonstrating the importance of the timely raising of such capital,” Horne said.
Plymouth Ventures II follows on the heels of Fund I, which completed its new investment cycle in 2009 and has been in a successful exit mode in recent years.Fund 1 invested in 29 companies.
Plymouth Management Co. is the manager for Plymouth Venture Partners I and Plymouth Venture Partners II. The company has four partners — Mark Horne, Ian Bund, Bob Savage, and Jeff Barry — and offices in Ann Arbor and Toledo, Ohio.
More at www.plymouthvc.com.