A note from Patti Glaza and Martin Dober of ID Ventures
The ID Ventures team had an exceptional year. We have invested in 11 new companies through our First Capital Fund with support from MEDC, New Economy Initiative, and Invest Detroit Foundation. First Capital Fund provides “genesis” funds to new companies at the earliest stages of commercialization. Our goal is to provide up to $150K through quick, flexible financial instruments.
Since our launch of the fund in March 2017, we’ve received over 280 applications and approved 28 investments. We added one company to our Detroit Innovate Portfolio, Shoptelligence and completed follow-on investments in four companies.
In addition to a very successful pitch competition event at the Lexus Velodrome in Detroit, Accelerate Michigan received the Michigan Venture Capital Association award for community impact. The Community Impact Award recognizes organizations, events, or individuals that create the meaningful, effective connections necessary to build Michigan’s entrepreneurial economy.
Hacker Fellows is broadening our range of impact with early-stage companies and young developers. The program supports the career efforts of emerging tech talent by offering paid fellowships and internships with Michigan startups and providing salary support to participating companies.
As our portfolio grew, we welcomed Ashwin Puri to our team in August as an Analyst. Ashwin graduated from Georgetown University with a bachelor of arts in government where he focused on public policy in economic development and international relations. His a current MVCA Venture Fellow and Venture for America Fellow.
We also welcomed ‘Tember Shea to our team as Portfolio Manager. ‘Tember is working with entrepreneurs in the ecosystem, and in our portfolio, to identify resources and talent to help enable faster growth, ‘Tember is working to monitor the growth of the IDV portfolio and actively engage with existing companies to help improve their opportunities for success.
Onward through 2019, our focus is to engage, connect, and build our family here at Invest Detroit Ventures. Please, take a few minutes and read our report, it in you’ll find key points of interest that came out of a successful year.
Invest Detroit Ventures’ 2018 Year In Review
Thank you for staying engaged,
Patti Glaza & Martin Dober
Managing Directors, ID Ventures