Venture capital firm raising $50M fund
Two businessmen have launched a local venture capital firm for early stage Midwest companies.
McKeel Hagerty of Hagerty Insurance Agency and Tim Streit of Huron River Ventures partnered to found Grand Rapids-based Grand Ventures I, which will provide capital to “high-impact” technology companies with Midwest ties.
Grand Ventures, at 38 Fulton St. W, was borne from the pair’s desire to capitalize on the Midwest’s growing startup ecosystem and the shortage of early stage venture capital in the market.
“The Midwest holds incredible potential for startups and early stage venture capitalists,” Streit said. “This is a great time to be an entrepreneur, and Grand Ventures wants to help companies realize their full potential.”
Grand Ventures will seek out technology entrepreneurs working in the agriculture, manufacturing and transportation industries.
A filing with the Securities and Exchange Commission shows Grand Ventures is seeking up to $50 million for the fund.
Streit and Hagerty
Streit also co-founded Ann Arbor-based Huron River Ventures in 2010, raising $16 million across multiple funds and investing in 20 technology companies, including Ambiq Micro, FarmLogs and SightMachine. Huron River Venture’s portfolio has raised more than $200 million in follow-on funding as well.
As CEO of Traverse City-based Hagerty Insurance Agency, Hagerty has expanded his business from 30 employees to more than 840 worldwide, with additional offices in Canada, Germany and the U.K. Total insured value coverage provided by the firm exceeds $36 billion.
“Combining Tim’s venture capital tenure with my experience building a global company and our shared passion for leadership development, we will be proactive partners to the businesses we support,” Hagerty said.