GRAND RAPIDS – Grand Angels plans to launch its third venture capital fund, seeking $15 million to $25 million that builds off of two prior, smaller venture capital funds at the organization. The new fund would target investments in advanced manufacturing, advanced agriculture, life sciences and software, all of which were focuses of the previous funds.
Managing Director Paul D’Amato expects the new venture capital fund to make four or five new investments annually over three years in companies with “strong management teams and strong intellectual property.” The fund will invest $250,000 to $500,000 in each portfolio company, primarily in seed, Series A and Series B capital rounds.
While Fund III will invest mostly in Michigan-based companies, it also will look at prospects outside of the state. One focus of the new fund is potentially luring advanced manufacturing companies to the region through a capital investment, D’Amato said.
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