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New $5M Fund to Continue Investment in Michigan Accelerator Fund Companies

Friday, June 3, 2016   (0 Comments)
Posted by: Kate Oesterle
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GRAND RAPIDS — A new venture capital fund in Grand Rapids that will do tack-on deals for existing portfolio companies of Michigan Accelerator Fund I closed this week after raising $5 million from investors.

MAF Opportunity Fund was oversubscribed and secured commitments from backers that include institutional and individual investors as well as family offices. The fund will make follow-on investments to support companies that are already backed by Michigan Accelerator Fund I and need later-stage funding, as MiBiz exclusively reported last month.

“Over the past five years, we believe that we have built a strong portfolio within the Michigan Accelerator Fund, with several companies demonstrating excellent progress towards value accretion and a near-term exit,” Co-managing Director John Kerschen said in a statement. “As our portfolio companies mature, they have continued capital needs. Like many smaller, early-stage venture funds, we were nearly fully deployed and had limited ability to continue investing in the portfolio. Hence the development of the MAF Opportunity Fund.”

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