ANN ARBOR, Mich.--(BUSINESS WIRE)--The “Michigan Angel Community”, a new statewide initiative managed by Ann Arbor SPARK, recently completed its first annual research report. The Michigan Angel Community initiative, which is supported by the Ralph C. Wilson, Jr Foundation, will represent and serve all of Michigan’s angel investors and groups, and is ultimately designed to help strengthen and accelerate entrepreneurial investment in the state. The report details important metrics and trends in Michigan’s angel investment market and community to provide a foundation for future opportunities for angels to collaborate and grow.
The Michigan Angel Community staff will detail the report findings at the Michigan Celebrates Angels event on May 3, noon to 4 p.m., at the Lansing Center. The report will also soon be available online on SPARK’s website.
“The research report shines a spotlight on not only the economic impact early stage startups have, but also those angels who are choosing to invest in their success,” said Skip Simms, senior vice president, Ann Arbor SPARK. “Without angels, many young companies would struggle to attract capital; angels provide the backing and assurance that enables these businesses to attract follow-on funding that help them hire and bring products and services to market. This cycle is important to Michigan’s long-term success as a destination for entrepreneurs, who can be confident that locating here wont hamstring their hiring and funding efforts.”
Data for the research report was collected in early 2018 through surveys sent out to angels and entrepreneurs. The report’s findings revealed that in 2017, angels invested more than $41 million in 70 Michigan companies. These companies, which employ over 500 people, in turn attracted an additional $106 million in funding. A total of 797 angels invested in Michigan companies, with a median investment of more than $55,000.
Information technology companies received the most angel investments of any sector, with investments in 30 companies. Nineteen life science companies received angel funding, with devices and diagnostics receiving the majority of the investment. However, those life sciences companies received more angel funding than the IT companies -- $16.6 million compared to $15.5 million.
The research report also showed that there was geographic diversity in angel activity, with 28 angel deals in the Ann Arbor area, 17 in west Michigan, 12 in metro Detroit, and 13 across the rest of the state.
SPARK welcomes all current and prospective Michigan angel investors to this event to learn more from the report and participate in this inaugural Michigan Angel Community gathering. But tickets are limited so you’re encouraged to act fast.
About Ann Arbor SPARK
Ann Arbor SPARK, a non-profit organization, is advancing the region by encouraging and supporting business acceleration, attraction and retention. The organization identifies and meets the needs of business at every stage, from start-ups to large organizations. Ann Arbor SPARK collaborates with business, academic, government, and community investor partners including the University of Michigan, Eastern Michigan University, Washtenaw Community College, Washtenaw County, Livingston County, Washtenaw County etcs/Michigan Works!, the City of Ann Arbor, Bank of Ann Arbor and the Michigan Economic Development Corporation. For more information, please call (734) 761-9317 or visit www.AnnArborUSA.org.