Invest Detroit Ventures received philanthropic support to begin the effort to turn its First Capital Fund into an evergreen fund that will support early-stage Michigan startups for years to come.
With $3m from the Ralph C. Wilson Jr. Foundation, $2.5m from the Michigan Economic Development Corp. (MEDC), and $11m in assets funded to date, ID Ventures has launched a fund-raising effort to pool enough philanthropic support to create a sustainable source of early capital for Michigan’s diverse, under-represented entrepreneurs and technology startups committed to bolstering the local economy.
Led by David Blaszkiewicz, president and CEO, Invest Detroit is a nonprofit lender, investor and partner that supports business and real-estate projects that will ignite economic growth in Detroit and the region.
The First Capital Fund, launched in 2017 with $3.3 million in funding from the MEDC, the New Economy Initiative (NEI) and Invest Detroit, focuses on seed funding for technology startups with high-growth potential that can grow the economy and create local job opportunities.
Since 2010, Invest Detroit Ventures supports promising Michigan-based high-tech startups through investment capital and programs that strengthen the local ecosystem.