DETROIT, Mich., May 19, 2014 – The Renaissance Venture Capital Fund (RVCF), Michigan’s innovative venture capital fund-of-funds, today announced its initial investments have attracted total investments of nearly a half billion dollars in 23 young Michigan companies.
“For every dollar invested by RVCF, we’ve attracted $21 of new capital for Michigan companies,” said RVCF CEO Chris Rizik. “And even more important, we’ve helped create hundreds of high-wage Michigan jobs in the process.”
Rizik said that the average pay for the new jobs created in Michigan is $85,000.
“The combination of prudent, well researched investing and of connecting capital with opportunities has been the key to the success of the RVCF,” Rizik said. “We not only provide capital to increase entrepreneurial activity, we also connect young innovative start-ups with Michigan’s established companies that can become important customers or partners. We have a proven model for expanding innovation, growing jobs and earning solid returns for our investors.”
The RVCF was originally established by Business Leaders for Michigan in 2008 in response to the recognized shortage of capital available to innovative new entrepreneurial companies. RVCF invests in the venture capital funds around the US and then engages those funds with Michigan’s strong technology and entrepreneurial base, with the goal of increasing profitable investment in Michigan and creating new opportunities for Michiganders.
“Our model of utilizing private capital from Michigan businesses to attract the best venture capital funds from the around the country has now become a nationally recognized engine for economic growth,” Rizik said. Stakeholder commitment to RVCF has continued to grow and now includes DTE Energy, Blue Cross Blue Shield of Michigan, Meijer, Inc., Ford Motor Company, AAA-Michigan, CMS Energy, Huntington Bank, La-Z-Boy, Wolverine Worldwide and Atain Insurance; foundations such as the Herbert H. and Grace A. Dow Foundation, the W.K. Kellogg Foundation and the McGregor Fund; and Wayne State University.
RVCF is now the largest privately funded entity of its kind in the United States.
“We are extremely pleased with both the growth and the regional impact that the Renaissance Venture Capital Fund has achieved,” says Samuel Valenti III, Chairman of the RVCF. “Our investments are not only profitable, but they have achieved a level of positive impact on Michigan that is significantly higher than projected. RVCF is proving what we believed all along: that Michigan is a very attractive state in which to invest and to start a business.”