The Michigan Angel Fund (MAF) has closed its second fund (MAF II) with USD2.05 million. MAF II will make its first investment this spring, and plans to make eight to 10 total investments within the next two years.
"There's no doubt that MAF plays an important role in our entrepreneurial economy. Angel investors are a key element to the success of the diversification and growth of the technology startup community in Michigan," says Skip Simms, MAF managing director. "Angel investors provide entrepreneurs the fuel they need to succeed, not just with their investment but with their connections and guidance."
With more than 95 members, MAF is the largest angel organization in Michigan. MAF II attracted 26 new members.
There are currently eight companies in the MAF I portfolio: Avegant, Arborlight, BioPhotonics Solutions, Eco-Fueling, Epsilon Imaging, Larky, stkr.it, and Varsity News Network. MAF investments are leveraged with direct investments from its members, and to date the leverage has been 2.6:1 (members:fund).
MAF was established by Ann Arbor SPARK, with administrative support from the Michigan Economic Development Corporation, to help finance early stage companies in Michigan and to attract additional angel investors.
As managing member, Ann Arbor SPARK coordinates screenings of MAF applicants, conducts due diligence, and works with the New Enterprise Forum to prepare companies for their investor presentations. Ann Arbor SPARK also works with business accelerator organisations around the state to identify quality companies for potential MAF investment.
