Fletcher Spaght Ventures receives investment from Venture Michigan Fund

Wednesday, October 29, 2008 | Source: Concentrate

Fletcher Spaght Ventures recently hit its goal of raising $100 million for its latest venture capital fund after the Venture Michigan Fund made a commitment to help support it.

Fletcher Spaght is a venture capital fund that invests in promising start-ups in the technology and healthcare sectors. The firm has a nationwide focus but also recently opened up an office in Ann Arbor to oversee its Michigan investment strategy.

Frank Legacki will head up the office. Legacki is a veteran entrepreneur who served as a senior executive at healthcare software service provider Rosebud Solutions, until its sale to McKesson.

Fletcher Spaght is 7 years old and is managed by John Fletcher, Peary Spaght and Linda Tufts. Those three individuals have been consulting in the technology and healthcare industries for more than 25 years.

The Venture Michigan Fund has made several other investments into VC firms with a significant portfolio of Michigan-based companies. Some of the venture capital firms include Chrysalis Ventures, Nth Power, RPM Ventures, Venture Investors and North Coast Technology Ventures. So far about 60 percent, or $95 million, of the Venture Michigan Fund has been distributed.

These companies have invested $14.3 million in 10 Michigan-based firms. These investments have produced 125 new jobs and are expected to create more as the firms grow.

Source: Venture Michigan Fund
Writer: Jon Zemke