The Wolverine Venture Fund (WVF), managed by The Samuel Zell & Robert H. Lurie Institute for Entrepreneurial Studies at the University of Michigan Ross School of Business, announced its participation in the Series C round of financing of Direct Flow Medical Inc.
This is the second investment the WVF has made in Direct Flow Medical, a Santa Rosa, Ca.-based medical device company developing a catheter based, percutaneous-delivered prosthetic aortic valve.
The first investment was in 2005.
The company has raised to date $40m of its projected $42.5 million Series C round. In addition to the WVF, past investors include Johnson & Johnson Development Corp., Foundation Medical Partners, VantagePoint Venture Partners, ePlanet Ventures, EDF Ventures, New Leaf Venture Partners and Spray Venture Partners.
The $3.5m WVF is a student-led venture fund. Since its inception, it has invested in more than 18 companies in innovative industries including information technology, life sciences and alternative energy.
Commenting on the investment, Tom Kinnear, Executive Director of the Samuel Zell & Robert H. Lurie Institute for Entrepreneurial Studies and WVF Director, said: “This latest round will provide the critical funds that Direct Flow Medical needs to build its business, while providing our students real-world investing experience in a large and fast-growing market sector”.