ANN ARBOR, Mich., June 4, 2014 – Renaissance Venture Capital Fund (RVCF), the venture capital fund-of-funds created by some of Michigan’s largest organizations, announced today that it has invested in River Cities Capital Funds, a growth equity firm investing in healthcare and IT companies.
“In addition to investing in the strongest Michigan-based venture capital funds, a goal of the Renaissance Venture Capital Fund is to attract leading national venture capital funds to become active in Michigan,” said Chris Rizik, CEO of the Fund. “RVCF is pleased to invest in River Cities Capital, as their skills complement our region’s growing success in creating innovative companies. River Cities Capital is a major growth equity investor and has a sterling reputation for supporting companies in healthcare and IT.”
Founded in 1994 and located in Cincinnati, Ohio and Raleigh, North Carolina, River Cities has 20 years in the market and over 100 investments made. With a $200M fund, River Cities is a significant player pursuing investments in small, relatively underserved growth equity rounds.
“We are pleased to establish a formal relationship with Renaissance Venture Capital Fund,” says Dan Fleming, Managing Director of River Cities. “Renaissance has a unique reputation as a smart investor with a strong network of major businesses, and we look forward to leveraging that network as we look at opportunities in Michigan.”
River Cities has made three Michigan investments over the course of its history. Successful exits include the sale of ISD Corporation to ACI Worldwide in 2011, and most recently, the sale of Pioneer Surgical to RTI Biologics in 2013. “We look forward to pursuing more Michigan opportunities in Fund V,” says Fleming.