FOR IMMEDIATE RELEASE May 14, 2010

CONTACTS: LeAnn Auer, Executive Director MVCA
734‐223‐3750

Michigan Venture Capital Association releases annual Michigan Venture Capital Report

ANN ARBOR, Mich.‐‐The Michigan Venture Capital Association (MVCA) released its annual Michigan Venture Capital Report at the conclusion of the Michigan Growth Capital Symposium. The report, which tracks 2009 data and trends, highlights steady continued growth in the state’s venture industry but notes that the area is still capital‐challenged due to burgeoning entrepreneurial activity. Other points of interest include:

  • Despite the bad economy, Michigan’s 2009 performance in total venture capital investment and number of companies funded bested the decade averages;
    There were 22 venture firms operating in Michigan in 2009;
  • 19 Michigan‐based companies received $131 million in venture capital investment in 2009; six of those were venture‐funded for the first time;
  • Four Michigan venture funds closed in 2009, raising $136 million in total;
  • 62 companies in Michigan are venture‐backed, creating nearly 900 direct jobs in the state;
  • Four notable venture‐funded exits were realized in 2009—HandyLab, Assay Designs, Applimation, and Pump Engineering; and,
  • The creation of at least 16 new life science companies and 15 contract research organizations was spurred by both the 2004 sale of venture‐backed Esperion Therapeutics and the Ann Arbor and Kalamazoo closures of Pfizer facilities.

To access the report in its entirety, please visit the MVCA website at www.michiganvca.org.

About the MVCA

The MVCA is a trade organization designed to bring together venture capital industry participants in the state of Michigan. The organization’s goal is to grow and sustain a vibrant venture capital community in Michigan. Membership includes private venture capital funds, corporate venture capital funds, angel investors, and entrepreneurial infrastructure participants. The MVCA is a vehicle to bring together industry participants and to provide a concerted voice for Michigan’s venture capital industry.