A venture capital firm based in Grand Rapids, Mich., just announced the close of its debut fund to invest in startups across the Midwest.
Grand Ventures announced the final close of its $28 million Fund I on Tuesday, which will allow it to continue backing seed and early-stage enterprise SaaS companies throughout the region. Founded in 2017, Grand Ventures has so far invested in six companies from the fund.
Led by McKeel Hagerty, the founder of Hagerty Insurance, and Tim Streit, who previously co-founded Huron River Ventures, Grand Ventures writes checks between $250,000 and $2 million for companies raising their first institutional round of funding, the firm says. Grand Ventures expects to invest in up to 20 companies over the life of the fund.
"We've discovered that Midwest companies in particular have tapped into their entrepreneurial roots, creating unprecedented opportunity for early-stage investors with an abundance of talented entrepreneurs seeking the right support," Streit said in a statement.
Grand Ventures' portfolio includes startups from Ann Arbor, Chicago, Cincinnati and Indianapolis. It's backed Chicago-based TimeDoc Health and Cincinnati-based Astronomer. It also invests in startups based in other "emerging geographies," including Charleston, S.C.
The news comes two days after Venture Investors announced the close of a $75 million healthcare VC fund based in Ann Arbor. Several Chicago firms are also raising new funds, including Chicago Ventures, Hyde Park Venture Partners and OCA Ventures.
