PwC: Venture Capitalists Shelled Out $151.5m for Michigan Firms Last Year
The year 2010 saw the second largest venture investment in ten years for the companies in Michigan, generating a total of $151.5 million in investments from venture capitalists, according to the MoneyTree Report released by consultancy and accounting firm PricewaterhouseCoopers.
A total of 33 Michigan-based companies benefited from deals with venture capitalists, which the report said reflects the greater emphasis put by venture capitalists to Michigan firms to help in the diversification and transformation of the state’s economy.
In 2009, venture capitalists put in a total of $133.7 million in investments to Michigan-based firms and in 2008 a total of $255.5 million. While 2010 generated for these firms $151.5 million in investments, the year 2000 saw the highest, with venture capitalists putting in $286.3 million to 55 companies.
Early this week, venture capitalists announced that they will invest $120 million in technology firms in the state through Venture Michigan Fund II.
The report attributed this promising increase in venture investments to the strategies adopted by industries like science and clean technology to develop the economy.
Overall, rise in venture investments last year was the highest since 2007, totaling $21.8 billion from all 3,277 deals between Michigan-based firms and venture capitalists.