ANN ARBOR, Mich., May 16, 2018 /PRNewswire/ -- Renaissance Venture
Capital Fund (Renaissance), Michigan's ground-breaking venture capital
fund-of-funds, today announced the closing of its third fund, with
$81 million of new capital. The
innovative network fund is the largest of its kind in the United States, now with a total of
$205 million raised since its
inception in 2008.
Renaissance Fund III leverages the same broad, diverse mix of
corporate and institutional partners that defined Renaissance's
previous funds. Renaissance Funds I and II, which closed at
$45 million and $79 million, respectively, laid the foundation
for today's closing, and its rapidly expanding network of corporate
partners, VC funds and startups is validation of its success.
The first-of-its-kind investment model created by Renaissance
was designed to profitably attract much needed capital to
Michigan. Renaissance invests in
top tier venture capital funds around the country, and brings them,
as well as their capital, into Michigan's startup ecosystem. Renaissance
further connects those funds and their startups with major
companies looking for innovation, creating a "win-win-win" result
for startups, major corporations and Michigan's economy.
"Through our Renaissance Funds, we've created a unique vision
for how financial capital could grow a new economy in Michigan, and how our expanding network can
increase connectivity in that new economy," said Chris Rizik, CEO and fund manager at
Renaissance. Renaissance's strong financial returns have
substantially beaten national benchmarks for performance, while it
has also been a national leader on impact on its community.
For every $1 Renaissance has
deployed during its past nine years, it has helped attract
$17, or a total of $1.3 BILLION of investment, back into the state
of Michigan. By deploying capital
into more than 30 top tier venture capital funds around the U.S.,
Renaissance's strategy has resulted in the emergence of 39 Michigan
startup companies, with a growing workforce of 1,300 employees and
average salaries exceeding $75,000.
"Our economy needs innovation and creative ideas to thrive, and
those ideas need capital in order to emerge and find success," said
Gerry Anderson, CEO of DTE Energy.
"DTE has invested in Renaissance because its network of capital
goes beyond financial investment, with innovative programs that
connect Michigan startups with a
national network to help them scale quickly and efficiently."
The financial and regional success of Renaissance led to
interest around the nation in its new model of investment. Guided
by counsel from the Renaissance team, similar funds have emerged in
Houston and Cincinnati, with more planned for the future,
creating a national network of funds.
Renaissance's success has been in partnership with a diverse
group of corporate investors such as DTE Energy, AAA Michigan, Blue
Cross Blue Shield of Michigan,
Meijer, Barton Malow, Burns &
Wilcox, and La-Z-Boy, among others, as well as several university,
foundation and pension fund investors.
"Startups often possess the right model and offerings to
capitalize on emerging trends, but lack the access to capital.
Meanwhile, many corporations have capital but are looking for new
ways to innovate in their industry," said Ryan Maibach, the CEO of Barton Malow. "Renaissance brings together the
best from both worlds, in order to bring to market innovations that
help its corporate partners and that create new growth
opportunities for the region."
About the Renaissance Venture Capital Fund:
The
Renaissance Venture Capital Fund (Renaissance) is a fund of funds
that supports the growth of venture capital in Michigan while serving as a bridge between
Michigan's emerging innovation
company community and its strong industrial and commercial base.
Formed by Business Leaders for Michigan, the Renaissance Venture Capital Fund
boasts as its members many of Michigan's most important organizations.
It has become a national model for strategic, financially
successful regional investing. Through its investment in top
tier venture firms that are active in Michigan, the Renaissance Venture Capital Fund
is helping to drive forward both innovation and growth of emerging
companies in the region. And it is again proving that Michigan, with its unique combination of
scientific, engineering and business talent, is a great place in
which to invest. More at renvcf.com.
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SOURCE Renaissance Venture Capital Fund