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Michigan Angel Community Releases Annual Report: Angels Invested $52 Million in Michigan Companies in 2018

May 9, 2019

ANN ARBOR, Mich.--(BUSINESS WIRE)--May 9, 2019--At its recent Michigan Celebrates Angels event, the Michigan Angel Community released its 2018 annual research report. The study aimed to capture data on meaningful metrics by surveying angel groups, individual angels, as well as angel-funded companies.

Key findings include:

  • There were 859 angels that invested in Michigan companies in 2018.
  • Angels invested $52 million in Michigan companies.
  • Eighty-four companies received angel funding.
  • Of the companies that received angel funding, 15 were women-owned and 13 were minority-owned.
  • The companies that received angel funding employed more than 640 people.

“While the majority of companies that received angel funding were located in Ann Arbor, companies were located across the state, proving that angels are excited about the startups forming in Michigan, generally. This tells people looking to establish a new business that there’s support and resources to do it successfully here,” said Skip Simms, managing director of the Michigan Angel Community. “Angels provide the early stage capital entrepreneurs need to turn their fledgling businesses in to the companies that create the jobs and attract the investment that keep our economy growing.”

Information technology (IT) companies received the majority of angel funding in 2018, with software outperforming hardware. Life sciences companies received the second most funding, with diagnostics outperforming medical devices and other ventures. In total, 43 IT companies received funding, and 93 percent of those were in software.

Of note, life science surpasses IT in angel dollars invested, attracting $23.1 million compared to IT’s $20.6 million. Life science also surpasses IT in total investment raised in 2018, attracting $180 million compares to $38.7 million.

To view the full report, visit the Michigan Angel Community website: http://bit.ly/MichiganAngels2018

The Michigan Angel Community is an initiative to accelerate the growth of angel activity in Michigan as well as investment into Michigan companies. The Michigan Angel Community educate and expands the base of angel investors in Michigan, holds statewide events and programs, and fosters greater collaboration, affiliation, and social engagement among angels. Its research report is designed to help guide and promote the growth of the market with policymakers, potential angels, and out-of-state investors.

The Michigan Angel Community is supported by the Ralph C. Wilson Foundation.

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. For more information, please call (734) 761-9317 or visit www.AnnArborUSA.org.

View source version on businesswire.com:https://www.businesswire.com/news/home/20190509005700/en/

CONTACT: Ann Arbor SPARK

Jenn Cornell, 734-765-0174

jenn@jenncornell.com

KEYWORD: UNITED STATES NORTH AMERICA MICHIGAN

INDUSTRY KEYWORD: WOMEN OTHER CONSUMER TECHNOLOGY HARDWARE SOFTWARE SMALL BUSINESS PUBLIC POLICY/GOVERNMENT STATE/LOCAL PHILANTHROPY PROFESSIONAL SERVICES FINANCE OTHER PROFESSIONAL SERVICES OTHER SCIENCE CONSUMER SCIENCE FOUNDATION

SOURCE: Ann Arbor SPARK

Copyright Business Wire 2019.

PUB: 05/09/2019 11:40 AM/DISC: 05/09/2019 11:40 AM

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