Michigan’s Seneca Partners Plans to up the Ante with $50M Health Care Venture Fund
Seneca Partners, a venture capital firm with offices in Birmingham, MI, Ann Arbor, MI, and Bannockburn, IL, plans to raise between $50 million and $75 million for another health care venture fund this year, according to a report in VentureWire.
Back in 2004, Seneca closed a $14 million fund health care fund and invested in nine companies. Seneca tells VentureWire that it has bigger plans with a bigger fund, but would not name any potential partners. Seneca did not immediately respond to Xconomy’s request for comment on the news.
Seneca works with middle-market companies in health care, business services and high-value manufacturing industries. Seneca health Partners provides growth capital to health care device, service and IT companies in what it calls “Middle America.”
That must include Kalamazoo, MI, since Seneca announced in April that it had acquired a majority interest in Micro Machine Company, a manufacturer of orthopedic and spinal instruments, tools, and implants. That $1.9 million round will enable Micro Machine to offer a broader product line.