Draper Triangle Ventures sees an opportunity in Michigan so the Pittsburgh-based venture capital firm has its sights set on Ann Arbor.
The VC plans to make tech startups part of its newest investment fund and is opening satellite offices in Ann Arbor and downtown Detroit in order to be in the middle of Michigan’s most dynamic tech hubs.
"We'll be actively making investments," says Jonathan Murray, managing director of
Draper Triangle Ventures. "There is one that is pretty far along already that could be announced within the next couple of months."
Draper Triangle Ventures invests in early stage tech ventures. Think: software and IT startups. It is in the midst of raising a $100 million investment fund with commitments for three quarters of that amount.
Murray will be Draper Triangle Ventures' person on the ground in Michigan, manning the Ann Arbor and Detroit offices. Murray graduated from the University of Michigan with an MBA and serves as an advisor to the
Wolverine Venture Fund at the Ross School of Business. He plans to make 1-2 investments in local startups each year. Those investments will be in the area of $1 million.
"Our model is quality over quantity," Murray says. "We tend to be selective."
Source: Jonathan Murray, managing director of Draper Triangle Ventures
Writer: Jon Zemke
Read more about Metro Detroit's growing entrepreneurial ecosystem at SEMichiganStartup.com.
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