Great Lakes Angels are partnering with local entrepreneur Doron York to raise a series of funds to help launch and grow new companies in Michigan.
On July 1, Great Lakes Venture Fund LP will begin accepting investments from accredited high-net-worth investors and family offices. Fund organizers are targeting $18 million, which would dwarf other angel funds in the state. They hope to make the first investment in a very early-stage tech company by Aug. 15.
The Ann Arbor-based Michigan Angels have raised three $2 million funds, which co-invest with individual members in portfolio companies. The Saginaw-based Blue Water Angels are currently raising a fund of $3 million to $5 million.
But York’s plans are more ambitious than one angel-based fund. He said that late this year or early next, he will start raising two much larger funds of $50 million and $100 million to provide add-on capital to portfolio companies in the first fund as they grow and to invest in new companies.