Although Michigan might be best known as the nexus of the US auto industry, it is also home to an up-and-coming startup scene. It makes sense: With schools like the University of Michigan providing a pipeline of top engineering talent and cities like Detroit that pride themselves on hustle and grit, the state has many of the components needed to build such a community.
Since the beginning of 2014, 180 VC investors have participated in at least one of the 149 deals completed with startups based in Michigan, according to the PitchBook Platform. Capital invested through these deals hit $215.7 million in 2014 and increased to $284.9 million in 2015, but then came back down last year to $185.4 million. Companies in the software industry accounted for 41.6% of the deal flow, followed by commercial services (10.7%) and healthcare devices & supplies (8.7%).
Here are the top five VC investors in Michigan-based startups since the start of 2014, along with their investment counts (accelerator rounds excluded):
1. Wakestream Ventures (23)
2. Invest Detroit (20)
3. Invest Michigan (14)
4. Detroit Venture Partners (12)
5. Huron River Ventures (11)
Platform subscribers can check out the full data behind VC investment in Michigan.
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Article by PitchBook
