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Venture Capital Fixated on West Michigan in Q3

Monday, October 10, 2016   (0 Comments)
Posted by: Kate Oesterle
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Four of the top five investments by venture capital firms in the state went to West Michigan companies in the third quarter.

Among them was a $4 million investment by an unnamed angel investor in Hickory Corners-based  Hop Head Farms LLC, located 22 miles northeast of Kalamazoo. The investment in the 200-acre hop farm closed Aug. 23, according to a quarterly report on VC activity published by the  National Venture Capital Association  and

Hop Head Farms, which is owned by South Bend, Ind.-based  Ceres Partners LLC, plans to use the investment to expand by 300 acres over three years, according to a report by the Boston Business Journal.

Among the clients that Hop Head Farms lists on its website are Founders Brewing Co.  in Grand Rapids and Kalamazoo-based  Bell’s Brewery Inc., the two largest breweries in the state.

Other notable VC deals involving West Michigan companies in the third quarter were:

 Vestaron Corp., a Kalamazoo-based developer of a bio-pesticide based on spider venom that closed in August on an $18 million Series D investment. The company will use the investment to build a distribution and sales channel directly to ornamental and vegetable greenhouses.

• Nearly $7.5 million in Series B funding for Grand Rapids software development firm  Blue Medora LLC.

• $5 million for  Tetra Discovery Partners LLC in Grand Rapids to support the ongoing clinical trials for a new drug to treat Alzheimer’s disease.

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