HRV announced our $5 million Opportunity Fund this week. The Opportunity Fund will invest in later-stage funding rounds for HRV I portfolio companies companies. Read more by Tom Henderson on crainsdetroit.com.
HRV is pleased to announce some updates to its team. Ryan Waddington, has joined Arsenal Venture Partners as a Partner where he will focus on deal sourcing and working with Arsenal portfolio companies. These responsibilities are closely correlated and well aligned with his current HRV responsibilities, which include two co-investments with Arsenal. While we will miss Ryan’s 100% focus on HRV activities, we are thrilled to work more closely with Arsenal and look forward to continued collaboration with Ryan in his new role.
HRV is also pleased to announce the addition of Sam Hogg as a Venture Partner. Sam is responsible for deal sourcing, portfolio management, and portfolio company support. His expertise spans sectors from the biological sciences to information technology with nearly all activities centered around sustainability and resource economics. Sam is also a venture partner with Open Prairie Ventures, a leading agricultural technology firm.
“We hope to fund another 3-4 deals in the current fund with 1-2 of them in the agriculture technology sector and Sam is the perfect person to spearhead that effort. Sam’s prior entrepreneurial track record also make him a great resource to help add value to our early-stage portfolio companies,” said Tim Streit. “We appreciate all of Ryan’s contributions to date, look forward to working with him for the remainder of this fund, and also welcome Sam as a new Venture Partner”.
Huron River Ventures isn’t just a venture capital firm looking to build a portfolio of startups and investors. It’s working to build its own little entrepreneurial ecosystem in Kerrytown.
The 4-year-old VC, which specializes in early stage investment, opened up its first office this spring in Kerrytown. It is sharing the space with a handful of other venture capital firms and a few startups, including Local Orbit and TurtleCell. The idea is to create a concentration of techies and investors in a cool space in one of Ann Arbor’s most cosmopolitan neighborhoods.
Grand Angels has invested in a semiconductor design company founded by a University of Michigan grad.
Ambiq Micro, a fabless semiconductor company, plans to use the funding to expand its marketing globally, speed up product development and expand design of its primary semiconductor technology, Sub-threshold Power Optimized Technology. Ambiq’s semiconductor technology has a range of end-user applications, such as smart cards, wireless sensors and medical devices.
Grand Angels learned about Ambiq through Michigan-based Huron River Ventures, said Grand Angels President Jody Vanderwel. Vanderwel said Grand Angels looks to invest in companies that have a disruptive solution in their market.
VCs Like Their Buildings as they Like Their Deals: Efficient.
Of all the cleantech sectors, efficiency companies continued to attract the most VC dollars throughout the first half of 2013, according to numbers from the Cleantech Group. The sector soaked up 19 percent of all venture investments during the first six months of the year. The number of energy efficiency deals rose 45 percent in the second quarter to a total of 79 through June.
“Ann Arbor is the natural startup hotbed,” said Tim. “We intentionally opened our first office in Ann Arbor. That’s the center of talent in the Midwest.”
Huron River Ventures Partners, an Ann Arbor, Mich.-based early stage venture capital firm, just announced that it recently closed the final round of its first fund, Huron River Ventures I at $11 million.
Huron River Ventures has closed on its first investment fund worth $11 million. The downtown Ann Arbor-based venture capital firm specializes in clean-tech investments in the energy, transportation infrastructure and agricultural fields.