ANN ARBOR – Michigan Angels closed a $2 million Angel 4 Fund on December 31 from 49 investors. Manager Skip Simms said five investments were made from that fund, with five more planned over the next 18 months.
Those five investments include:
Akadeum Life Sciences (Ann Arbor)
SkySpecs (Ann Arbor)
Ripple Scientific (Ann Arbor)
Facility Health (Grand Rapids)
Shoulder Innovations (Holland)
For 2019, MAF invested a total of $1,043,000 in 13 early stage Michigan-based startups.
“In 2011, when SPARK created an angel group, the priority was to attract high-net-worth households into the angel investment world by thinking of tech startup investments like they would any other investment classes — such as stocks, bonds, real estate and private equity,” said Simms. “In 2019, our fourth fund closed with 16 new participants who previously have never made an angel investment.”
MAF remains the largest angel investor group in Michigan with a total of 156 members. In 2019, MAF was the most active group in the state with five new investments and eight follow-on investments. Notably, MAF IV made three investments before the fund had even closed.
“We’ll invest in any Michigan late stage start up,” Sims said. “They have to have a product in the market, at least being beta tested. They also are looking for the first round of capital.”
Simms said in the first three funds Michigan Angels made 32 investments, with ten exits.
“I think this is indicative of the growing interest and appetite among households in the state of Michigan to consider angel investing as a legitimate asset class,” he said.
Simms said the fund are a sidecar for his 140 members to investment.
“We bring deals to them and the members decide which ones they may want to invest in,” he said. “When a few agree, then the fund comes with them.”
For more information, click on http://www.miangelfund.com/