Beringea, Women’s Angel Fund, and Resonant Venture Partners: An Investor Roundup
It’s shaping up to be a busy week for Michigan venture capital and angel investment news.
—Dexter, MI-based ReCellular, an electronic waste company focused on collecting and recycling mobile phones, cameras, and other devices, said yesterday it has received an investment from Beringea. The amount of financing was not disclosed, but it was made through Beringea’s $185 million InvestMichigan Growth Capital Fund (this is the fund’s 17th investment). ReCellular has 280 employees in Michigan and is led by CEO Steve Manning. The company says it collects more than 400,000 mobile phones per month, of which 70 percent are resold and the rest are recycled. Farmington Hills-based Beringea is Michigan’s largest venture firm; it has more than 70 portfolio companies in the U.S. and U.K.
—The Michigan Women’s Foundation, a statewide organization focused on supporting female-focused programs, said yesterday its board of trustees has approved the formation of a Women’s Angel Fund that will provide investments in early-stage businesses owned or run by women. The program also will provide mentorship and professional support for female founders. Xconomy’s editor-in-chief Bob Buderi had the scoop on the angel fund news in this in-depth profile of the Michigan Women’s Foundation back in August. Financial details including the size of the fund and the size of individual investments have not been formally announced yet, although foundation CEO Carolyn Cassin told Bob investors will be asked to commit $20,000 a year for five years to the fund.
—With all the gloom and doom around the venture capital industry, it’s refreshing to see Michigan being among the 12 states having VC firms that raised money in the third quarter of 2010. That’s according to a Thomson Reuters study put out yesterday by the National Venture Capital Association. Ann Arbor-based Resonant Venture Partners has a modest haul so far (a reported $500,000 on its way to a targeted $10-$20 million). Last month, Bob posted a more complete list of Michigan venture firms that have recently closed funds or are raising funds now.