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Renaissance VC fund attracts more than USD1.3bn of investment


Renaissance Venture Capital Fund, Michigan's venture capital fund-of-funds, has successfully attracted more than USD1.3 billion into the state’s startup ecosystem.

Since Renaissance launched in 2008, it has invested in 30 venture capital funds around the United States, with the goal of attracting venture capital from those funds and their network into Michigan startup companies. This work has resulted in more than USD1.3 billion invested in 39 Michigan companies—returning more than USD17 for every USD1 invested by Renaissance. Those companies have expanded Michigan's workforce with more than 1,300 employees with average salaries exceeding USD75,000.
 
"Michigan has long had the technology and the people to create a world class innovation hub," said Chris Rizik, CEO and fund manager at Renaissance. "What was traditionally missing was the capital, and our goal from day one was to play a leadership role in attracting that much-needed capital to the state. Our work has and will continue to lead to new companies starting and growing here, and the creation of good-paying jobs for Michiganders."
 
To help attract capital into Michigan, Renaissance has created innovative programs that connect Michigan startup companies to its venture capital network, including its annual "UnDemo Day."

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