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2013 Research Report 2013 Building Michigan’s Vibrant Future WHAT HAPPENS WHEN BRILLIANCE meets backing MEDC is dedicated to supporting Michigan’s entrepreneurs and capital providers. michiganbusiness.org/MVCA Table of Contents Michigan Venture Capital Association From Inspiration to Realization . 4 MVCA 2013 Board of Directors . .5 Growing Forward: MVCA Programs Expand Michigan’s Entrepreneurial Ecosystem . 6 Venture Fellows Program. 8 Executive Attraction Program . .9 National and Midwest Venture Capital . .Outline . .10 copy Michigan Venture Capital Summary . .. 14 2013 Spotlights and Stats. .Center Foldout Michigan-Backed Funds Show Commitment to Growing, Attracting Venture Capital . .24 Venture Capital and Private Equity Firm Member Directory . 28 Helping entrepreneurs build great companies in the software and digital media markets. $250 MILLION IN CAPITAL UNDER MANAGEMENT 0LFKLJDQ2ŝFH ::LOOLDP6XLWH $QQ$UERU0, 3+ www.mkcapital.com MVCA 2013 Venture Capital Report 3 Dear Friends Michigan is the comeback state in part because we have developed a strong entrepreneurial environment — one of the most complete support systems in the country — to support innovators looking to launch and grow new ventures. At the center of this environment is an active and thriving venture capital community driven by the Michigan Venture Capital Association and its members. Venture Capital firms and angel investors are increasing investments in Michigan-based companies. This is a real opportunity for our long-term success. As these companies continue to grow, more people are attracted to what Michigan has to offer, including one of the best business climates in the country, outstanding talent, and a great quality of life. Your efforts to invest in Michigan’s future and promote all of the exciting things happening in our state are to be applauded. You are impacting the decisions of entrepreneurs and investors from across the country and throughout the globe to choose to launch businesses and make investments here. On behalf of the citizens of Michigan, thank you to the Michigan Venture Capital Association for your leadership in helping to reinvent our state, grow new businesses, and create more and better jobs. Sincerely, Rick Snyder Governor 2 MVCA 2013 Venture Capital Report Dear Readers We are pleased to present the seventh annual MVCA Research Report, reflecting the state of our Michigan venture capital community in 2013. It was a year of continued growth for venture capital in Michigan, with many notable successes in the areas that really matter to investors and their limited partners: fund size, quality and quantity of deal flow, and exits achieved. We found that total capital under management among Michigan-based firms increased by 50% in the last five years, amid a national fundraising climate which was hampered by institutional investors minimizing exposure to the asset class. Our angel investors also continue to show strong support to our early stage companies, investing $9.9 million in 2013. We welcomed several national firms establishing a Michigan office in 2013, including Baird Capital and Cultivian Sandbox, and saw three new venture firms launched in the state, demonstrating that Michigan is a fertile ground for venture capital investors seeking abundant deal-flow and an active co-investor community. Also in 2013, we celebrated the many achievements made by Michigan’s venture-backed companies, including an initial public offering (Esperion Therapeutics) and multiple acquisitions (Pioneer Surgical, ForeSee Results, Livio Radio, and Relume Technologies). For the venture firms who exited these companies, the satisfaction in seeing an investment come to a positive conclusion reinforces the many rewards to be found in supporting growing companies during a critical stage in their development. We’re thrilled to feature a few of the most compelling angel and venture-backed companies in our state in this report, just a small fraction of the many extraordinary early- and growth-stage companies in our Michigan entrepreneurial community. While all indications point to the long-term vitality of the entrepreneurial ecosystem in Michigan, we still have work to do to ensure that there remains a robust capital continuum for Michigan’s entrepreneurs and their growing companies. Our 2013 MVCA survey of venture capital investors found that their Michigan-based portfolio companies will require at least $260 million in the next few years, from firms that have just $109 million in reserve for these follow-on investments. We must build on the momentum our member firms have created in fundraising and deal pipeline development in order to keep Michigan a premier Midwest, and indeed national, venture capital center of excellence. Respectfully, Carrie Jones MVCA 2013 Venture Capital Report 3 Michigan Venture Capital Association From Inspiration to Realization The Michigan Venture Capital Our vision states that in the year 2016, Association (MVCA) is a catalyst Michigan will have: for building a strong, diverse, and 1. Abundant and accessible capital entrepreneurial ecosystem in 2. Abundant and accessible Michigan. The MVCA represents entrepreneurial management talent venture capitalists, angel investors, industry service providers, economic 3. Many successful companies that development organizations, and have been financed by venture higher-education institutions – all capital funds and angel groups working together to create new 4. Venture capital funds and angel business opportunities and foster groups based in Michigan that Michigan’s growing role as a center invest both in Michigan and of innovation, entrepreneurship, and nationally company creation. To that end, the 5. Venture and angel capital MVCA facilitates communication, communities play a meaningful builds relationships, promotes role in Michigan’s revitalization. advocacy, and sponsors program and other events that support the 6. A reputation as a nationally known interests of its members – and top venture capital location everyone else who lives, works, 7. A resounding and consistent voice or invests in Michigan. of venture capital, angel capital, and entrepreneurs in the state of Michigan 4 MVCA 2013 Venture Capital Report MVCA 2014 Board of Directors EXECUTIVE COMMITTEE BOARD OF DIRECTORS Chairman Hugo Braun Josh Beebe Jim Adox North Coast Technology Investors MK Capital Venture Investors Peter Farner Patti Glaza Treasurer & Chairman-Elect TGap Ventures Arsenal Ventures Tony Grover Mark Horne Tom Kinnear RPM Ventures Plymouth Ventures U-M Ross School of Business Outgoing Chairman Jon Lauckner Mark Olesnavage Tim Petersen GM Ventures Hopen Life Sciences Ventures Arboretum Ventures Jeff Rinvelt Ted Serbinski STAFF Renaissance Venture Capital Fund Detroit Venture Partners Carrie Jones Skip Simms Jody Vanderwel Executive Director Ann Arbor SPARK Grand Angels Emily Heintz Paula Sorrell (observer) Associate Director Michigan Economic Development Corporation MVCA Executive Committee (left to right) Jim Adox, Emily Heintz, Carrie Jones, Tony Grover Not Pictured: Tim Petersen MVCA 2013 Venture Capital Report 5 A successful entrepreneurial Growing Forward: MVCA Programs ecosystem is not created by accident; it takes thoughtfully Expand Michigan’s Entrepreneurial designed programs that Ecosystem encourage risk-taking and growth. To that end, the MVCA, with support from the A hallmark of the Michigan Venture Executive Attraction Program MEDC, has responded to the Capital Association has long been The former CEO Placement Program, our ability to offer members access designed to increase the number needs of its membership to top-tier talent through Venture of venture-backed executives in base and created the Venture Upstart, a suite of programs designed Michigan, has been expanded to to grow and sustain a vibrant venture include all C-level and senior sales Upstart suite of programs, capital community in Michigan. and marketing positions at venture- which provide highly targeted Funded by a grant from the Michigan backed firms. Renamed the Executive assistance to Michigan’s Economic Development Corporation, Attraction Program, it provides Venture Upstart programs have played assistance with recruiting and first- angel, venture, and a critical role in building Michigan’s year salary expenses associated with entrepreneur communities. entrepreneurial ecosystem and have hiring exceptional talent at qualified allowed our members to attract “It’s our hope that each of MVCA member portfolio companies, exceptional talent to both their firms with the goal of increasing the number our members can find a and portfolio companies. of successful portfolio companies program that will augment in Michigan. the organic growth already “Recruiting the right talent is crucial for any business, and venture-backed occurring in their organization companies can struggle to attract the and take advantage of the best candidates,” said Charlie Rothstein, wide variety of solutions co-founder and senior managing director of MVCA member Beringea. Venture Upstart offers,” “The Executive Attraction Program will says Jim Adox, Chairman help offset hiring costs, enabling portfolio companies of the MVCA. to build strong management teams, Information thereby increasing on current the number programs of thriving venture-backed can be companies in found on Michigan.” the MVCA’s website. 6 Current Venture Fellows William Blake Beringea Linda Chamberlain Michigan Accelerator Fund 1 MVCA member Brett deMarrais Michigan Ludlow Ventures Accelerator Fund used the Venture
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