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Venture Capital Activity in Michigan Dives in 3rd Quarter

Tuesday, October 10, 2017   (0 Comments)
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$46.6 million invested in 22 deals, off from $98.9 million in 2nd quarter

 

  • $46.6 million invested in 22 deals
  • VC deals off from $98.9 million in second quarter
  • Michigan ranking falls to 25th in U.S.

Venture capital activity in Michigan dipped sharply in the third quarter, according to data released Tuesday morning by the National Venture Capital Association and PitchBook Data Inc.

 

A total of $46.6 million was invested in 22 deals in the quarter, ranking the state 25th nationally, down from the $98.9 million invested in 20 deals in the second quarter quarter, when Michigan ranked 20th by dollar volume, and down from $118.8 million invested in 18 deals in the third quarter last year, when it ranked 17th.

In the first quarter, VC firms invested $89.2 million in 20 deals, good for a ranking of 21st. In the fourth quarter last year, the state ranked 26th, when $41.8 million was invested in 14 deals.

As usual, California easily ranked No. 1, with $8.7 billion invested in 580 deals. New York was second, with $5.1 billion invested in 188 deals and Massachusetts third with $2.6 billion invested in 121 deals.

Among Midwest states, Ohio was fifth, with $299.7 million invested in 27 deals; Minnesota 19th, with $93.6 million invested in 20 deals; Wisconsin 24th, with $47.3 million invested in 11 deals; and Indiana 27th, with $41.2 million invested in 18 deals.

Nationally, VC investing is on track for the highest amount of money invested in a decade.

A total of 1,699 companies got a total of $21.5 billion in the third quarter, bringing the yearly totals to $61.4 billion invested in 5,948 deals.

New York-based WeWork, which provides shared work space for entrepreneurs, freelancers, startups and small businesses, got the largest single infusion of capital in a $3 billion deal.

 

SOURCE CRAIN'S DETROIT BUSINESS


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