Michigan Pre-Seed Capital Fund invests $1M in four startups
The Michigan Pre-See Capital Fund — a state equity investment fund that backs technology-based startups — recently put a total of $1 million into four companies across the state.
Fusion Coolant Systems, Local Orbit, New Eagle Products and Seelio all were awarded money from the fund.
Fusion Coolant Systems of Ypsilanti is developing advanced manufacturing coolant and lubrication systems.
Local Orbit of Ann Arbor develops ecommerce and business management tools related to the food market.
New Eagle Products of Ann Arbor creates control systems solutions, complete with tools, products and services.
Seelio of Ann Arbor creates an online platform for college students to showcase their work, portfolio, experiences and skills for possible employers.
"It's exciting to see how Michigan Pre-Seed Capital Fund companies use the investments to drive growth," said Skip Simms, manager of the Michigan Pre-Seed Capital Fund and senior vice president of Ann Arbor SPARK, the fund's administrator. "The Michigan Pre-Seed Capital Fund makes a measurable, positive impact on a startup's chance of success in the state.
"Early funding recipients, like Compendia Bioscience, have gone on to achieve significant success, including expansion, hiring and attracting marquee clients," he said. "The four early stage companies funded this round are using the award to attract additional outside funding and get solidly on that path to success."
Since its inception, the Michigan Pre-Seed Capital Fund seed has doled out more than $19 million spread across 83 Michigan companies. The fund's collaborating companies have attracted more than $25.5 million in matching grant and equity funds, creating more than 43 net new jobs.
The fund is backed by the 21st Century Jobs Fund, a Michigan Strategic Fund program aimed at accelerating Michigan’s economic growth and diversity. The state's marketing arm, the Michigan Economic Development Corp., provides administrative support for the 21st Century Jobs Fund.