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Arboretum Ventures raises $73 million for latest fund

Wednesday, February 25, 2009

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Biotechnology, Healthcare, Investment, Venture Capital

Ann Arbor

Ann Arbor is becoming, more and more, Michigan's venture capital capitol, proof of which is clearly visibly at Arboretum Ventures.

The Ann Arbor-based firm recently closed out its latest investment fund worth $73 million. This fund is triple the size of Arboretum's first, which was worth $24 million. Managing Directors Jan Garfinkle and Tim Petersen will manage the money with the help of five other employees.

Garfinkle and Petersen were able to recruit some high-profile investors, including Chris Rizik. The co-founder of Ardesta is now the CEO of the Detroit Renaissance Venture Capital Fund, which invested $5 million into Arboretum's latest fund.

"Arboretum Ventures is one of the brightest young venture capital firms in the nation, and one that has shown that great investment and company-building opportunities exist in the Midwest," Rizik says.

The difference between Arboretum and Renaissance is that Arboretum invests in early stage private companies in the healthcare and life science industries. Reniassance (which has offices in both downtown Detroit and Ann Arbor) is a fund for venture capital funds.

Arboretum focuses on medical device, diagnostic and healthcare information technology companies. Although most of these companies are in the Midwest, Arboretum does make investments across the nation. It has made 17 investments so far.

Some of its success stories include Ann Arbor's HealthMedia, which was acquired for a hefty sum by corporate behemoth Johnson & Johnson last year. Another is Detroit-based Asterand, which is traded on the London Stock Exchange.

Source: Arboretum Ventures
Writer: Jon Zemke