Return on investment exceeds all expectations
DETROIT, Mich., June 17, 2013 – The Renaissance Venture Capital Fund (RCVF), Michigan’s innovative venture capital fund-of-funds, today announced that its initial investment of $16.7 million has led to a total venture capital investment of nearly $300 million in 20 new Michigan companies and the creation of hundreds of high-wage jobs, helping to make Michigan the fastest growing state in the nation for venture capital. Since RVCF’s formation in 2008, venture capital has grown nationally a mere 3% while venture capital investment in new Michigan companies has grown 69%.
Smart investing and creating connectivity are the keys to the success of the RVCF, said CEO Chris Rizik, “We provide capital that increases entrepreneurial activity and we connect young innovative start-ups with Michigan’s established companies, to the benefit and financial success of both parties. We have a proven model for expanding innovation, growing jobs and earn solid returns for our investors.” 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.