Renaissance Venture Capital helps raise more than $2.3 billion for 78 Michigan companies

ANN ARBOR, Mich., March 29, 2022 /PRNewswire/ -- Renaissance Venture Capital has helped attract $2.3 billion in investments for 78 Michigan companies through its portfolio and capital attraction activities.

Renaissance Venture Capital (RVC) announced today that the 55 Michigan companies in its portfolio have raised at total of $2.17 billion to date, or more than $13 for every dollar invested by Renaissance. This is more than 50% higher than the rate of local investment targeted by Renaissance when it was formed in 2008.

In addition, RVC has worked to raise capital from unaffiliated venture funds around the country into Michigan, tracking an additional $145 million in investment in 23 Michigan companies. Many of these introductions were made at UnDemo Day®, RVC's signature semi-annual capital attraction event. 

"The stats from our UnDemo Day® activity are especially rewarding because we are bringing in new money to the state's most innovative companies," says Chris Rizik, CEO and fund manager at Renaissance.  "With this money comes local economic growth and jobs for the Great Lakes State. People are noticing the power of Michigan."

UnDemo Day® is designed to attract capital from all over the nation into Michigan startups.  The gathering brings together hundreds of venture capitalists and connects them with 50-60 of the most promising Michigan startups. At each UnDemo Day®, Renaissance arranges more than 500 one-on-one meetings between venture capitalists and Michigan startups. Last year alone, 15 local startups received venture funding from UnDemo Day® introductions. 

Earlier this month, Genomenon Inc. announced a $20 million Series B funding from Beringea, an introduction made through the UnDemo Day® process.

"As an entrepreneur, I appreciate all the work Renaissance Venture Capital puts into the introductions they make," said Mike Klein, CEO of Genomenon, Inc. "The connection they made for us truly made a difference in our future. While we had several term sheets on the table, the Midwest connection at UnDemo Day® with Beringea put them in the top position to lead our deal."

On April 27, Renaissance will initiate its first DEI UnDemo Day®, designed exclusively to attract national venture capital to diverse founders. The virtual event will highlight companies from the Midwest and Central U.S. led by women, people of color, and other diverse communities.  More than 125 diverse startups have applied to participate.

The traditional in-person UnDemo Day® will be held in Fall of 2022 at Ford Field in Detroit.

Renaissance invests in top-tier venture capital funds around the county, bringing them into Michigan's vibrant startup ecosystem. It then connects those funds and their startups with major organizations looking for innovation. Startup companies are the lifeblood of a growing economy, and Renaissance uses its unique role to help startups connect with potential investors and major customers.

According to a recent Crunchbase report, Michigan has seen the greatest increase in venture capital investment of all 50 states. VC dollars in Michigan have spiked nearly 886 percent since 2016, growing from around $300 million to about $3.1 billion last year.

About Renaissance Venture Capital
Renaissance Venture Capital (Renaissance) is a fund of funds that supports the growth of venture capital in Michigan while serving as a bridge between the state's emerging innovation company community and its strong industrial and commercial base. For more information, visit www.renvcf.com.

MEDIA CONTACT: 
Colleen Robar,
313-207-5960,
[email protected]

SOURCE Renaissance Venture Capital

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