GRAND RAPIDS – Coming off its merger with eMerge West Michigan earlier this year, Grand Rapids-based Start Garden has spun off its venture capital arm into a new entity.
Wakestream Ventures will now serve as the main investment vehicle for Start Garden, the organization founded by Amway scion Rick DeVos in 2012 as a $15 million pre-seed venture capital fund that’s since changed gears to administer many entrepreneurial services for the city of Grand Rapids.
DeVos will serve as CEO of the new organization, according to a statement. Kim Pasquino and Mike DeVries will serve as Wakestream’s chief investment officers.
According to state of Michigan records, Wakestream was formed on Aug. 1, 2014. The fund has $21.25 million in assets under management, according to the Michigan Venture Capital Association’s 2016 Michigan Entrepreneurial and Investment Guide that was released this week.
To receive the Grand Rapids SmartZone’s tax increment financing to administer the various entrepreneur services and programming, the organization needed to spin off its privately-financed venture capital arm.
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