GRAND RAPIDS – Angel investors put $69.1 million into 111 Michigan-based companies last year, an amount and deal flow that well exceeds the $50 million invested in 102 deals in 2020.
“We had a great rebound year coming back from 2020, which was a down year as you might expect with the pandemic,” said Mike Flanagan, vice president for capital programs at Ann Arbor SPARK that annually produces a report highlighting angel investing in Michigan.
“The numbers across the board were up,” Flanagan added. “We had great activity throughout the state, as we have had the last five years.”
The 2021 deal flow also exceeded the 102 Michigan companies that angel investors backed in 2019, the year before the COVID-19 pandemic began. However, the amount invested last year was still below the $74 million that angels invested in 2019.
The 111 Michigan companies that angel investors funded in 2021 went on to raise a total of $287.5 million in capital and collectively employ nearly 1,700 people, according to the Ann Arbor SPARK report.
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