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Venture Capital Investing Rises Sharply in Michigan in 2017

Wednesday, January 24, 2018   (0 Comments)
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Total jumps from $222 million to $339 million, ranking state No. 20

Venture capital firms invested $339 million in Michigan companies in 2017
State ranked 20th nationally
California topped list with $42.8 billion invested

Venture capital firms invested a total of $339 million in 80 Michigan companies in 2017, ranking the state 20th nationally for total investment.

The figure is a substantial rise from the $222 million invested in 2016, according to the Washington, D.C.-based National Venture Capital Association and PitchBook Data Inc.

As usual, California topped the list with $42.8 billion invested in 2,750 deals. New York ranked second with $12.1 billion invested in 922 deals. Others included Massachusetts, third with $8.8 billion invested in 551 deals; Illinois, No. 4 with $1.9 billion invested in 224 deals; and Washington, fifth with $1.8 billion invested in 377 deals.

In the Midwest, Ohio came in at No. 17 with $526.2 million in 141 deals. Minnesota was No. 18 with $493.41 in 87 deals; Indiana, No. 25 with $166.6 million in 84 deals; and Wisconsin, No. 29 with $102.4 million in 57 deals.

For the fourth quarter alone, Michigan ranked 17th nationally, with $99.7 million invested in 11 deals. That was up from the third quarter, when the state ranked No. 25 with $46.6 million invested in 22 deals. It also marked growth from last year's fourth quarter, when the state came in at No. 26 with $41.8 million invested in 14 deals.

California was No. 1 with $12.6 billion invested in 615 deals. Other rankings included New York, No. 2 with $3.3 billion in 219 deals; Massachusetts, No. 3 with $2.8 billion in 132 deals; Florida, No. 4 with $758.8 million in 48 deals; and Pennsylvania, No. 5 with $500.1 million in 43 deals.

Other Midwest states were Illinois, No. 6 with $446.9 million in 46 deals; Minnesota, No. 19 with $79.3 million in 14 deals; Ohio, No. 22 with $42.7 in 29 deals; Wisconsin, No. 23 with $42 million invested in 16 deals; and Indiana, No. 26 with $31.9 million in 16 deals.

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