The University of Michigan's Social Venture Fund has two claims to fame, one recent, and another not quite so.
The first VC investment is the first student-led venture capital fund geared toward social entrepreneurs in the U.S.
"We're trying to support companies that are for-profit but have a social mission," says Seth Greenberg, director of the Social Venture Fund
, and a second-year MBA student at U-M's Ross School of Business
The Social Venture Fund was one of 17 investors participating in a Series A round investment worth $2.4 million. The start-up is Washington, D.C.-based LearnZillion
, a web-based platform that gives students, teachers and parents access to a video library of high-quality, standards-based lessons taught by the nation’s top teachers.
The Social Venture Fund got its start in the fall of 2010
. It aims to make early stage investments of up to $200,000 in start-ups that are sustainable, innovative, potentially profitable and with a plan to make a significant social impact at the heart of their mission. It is looking to make investments in both local and national businesses.
"We're considering a lot of Metro Detroit-based enterprises," Greenberg says.
Source: Seth Greenberg, director of the Social Venture Fund
Writer: Jon Zemke
Read more about Metro Detroit's growing entrepreneurial ecosystem at SEMichiganStartup.com.