Michigan Accelerator Fund I, L.P., has launched a $10M venture capital fund specifically aimed to support early stage life science and technology companies.
The Michigan Accelerator Fund 1 (MAF1) is made possible through a $6m award from Michigan’s 21st Century Jobs Fund, a program of the Michigan Economic Development Corporation (MEDC) focused on making new investments in high-growth industries around the state.
Additional funds will be provided by regional partners within the first months of 2011.
MAF1 will focus on healthcare and life sciences investments, with a portion of its funding allocated to other Michigan industries such as advanced manufacturing, alternative energy, and homeland security.
It is sponsored and supported by leading West Michigan investors, research organizations and socio-economic stakeholders, including Grand Valley State University, Van Andel Research Institute, Hope River Ventures, West Michigan Science and Technology Initiative, Grand Angels, Michigan State University Foundation, The Right Place, and Lakeshore Advantage.
MAF1, which will be managed by John Kerschen and Dale Grogan, principals at The Charter Group, a Grand Rapids-based merger and acquisition advisory firm, will also develop a mentor-in-residence program and student internships aimed at enhancing the support infrastructure for emerging companies.
The investment activity is expected to begin in early 2011.