ANN ARBOR, Mich., April 14, 2014 – Renaissance Venture Capital Fund, the venture capital fund-of-funds created by some of Michigan’s most important organizations, announced today that it has made an investment in Ann Arbor-based venture capital fund Plymouth Venture Partners III, an innovative fund that invests in growth stage companies – a vital class of businesses often underserved by other investors and lenders.
“Several years ago, Plymouth Ventures developed a strategy to provide growth funding to promising Midwest companies that had few alternatives and that were stymied in their progression because of the lack of available capital,” said Chris Rizik, CEO of the Renaissance Fund. “While these are solid, revenue producing, high potential companies, the lack of available financing capital limited their growth, and addressing it was a good opportunity for smart investors like the team at Plymouth. We are pleased to now be part of Plymouth’s newest fund and to play a part in its development into one of the Midwest’s top growth investors. We believe that Plymouth will continue to successfully fill an important need for our region and help Michigan companies grow.”
“We are excited to have Renaissance Venture Capital Fund as our newest investor,” said Mark Horne, Chief Executive Officer of Plymouth Ventures. “Renaissance is an important source of capital, but perhaps more important is the strategic network it brings, with the ability to connect venture capital and growth stage companies to many of Michigan’s biggest corporations. We believe this relationship will bring new opportunities to us and the companies in our portfolio.”
Plymouth Venture Partners III is the 16th investment made by the Renaissance Venture Capital Fund.