Arboretum Ventures has received a $5 million commitment from its second fund, from the Renaissance Venture Capital Fund, a new venture fund-of-funds focused on the Michigan market. This is Renaissance’s first commitment.
DETROIT, Mich., December 15, 2008 – The Renaissance Venture Capital Fund, the new venture capital fund-of-funds formed this month and supported by some of Michigan’s largest organizations, announced today that it will make its first commitment, a $5 million investment in the Ann Arbor-based venture capital fund Arboretum Ventures II.
The formation and funding of the RVCF is the culmination of nearly two years of preparation and cooperation of various regional economic development organizations and several of Michigan’s most important corporations.
“We are very pleased to have the Renaissance Venture Capital Fund up and running at a time when our region recognizes the need to invest in and capitalize on our strengths of great technology and a talented work force, as well as the need to increase our activity in developing industries and fields such as the life sciences, alternative energy systems and advanced manufacturing,” said Chris Rizik, CEO of the Fund. “And we’re equally pleased to be making our first commitment to Arboretum Ventures, one of the brightest young venture capital firms in the nation, and one that has shown that great investment and company-building opportunities exist in Michigan and the Midwest.”
Arboretum Ventures is an early-stage venture capital firm specializing in the medical technology and healthcare services fields. It was formed in 2002 by Jan Garfinkle and Tim Peterson, who currently serve as the managing directors of the firm.
About the Renaissance Venture Capital Fund:
The Renaissance Venture Capital Fund 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 out of the groundbreaking “Road to Renaissance” initiative of Detroit Renaissance, the Renaissance Venture Capital Fund received its initial support and investment from some of Michigan’s most important organizations. Through its investment in top tier venture firms that are active in Michigan, as well as its own co-investments in emerging Michigan companies, 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. http://www.renvcf.com