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Today: May 14, 2024
January 12, 2024
1 min read

Michigan’s Venture Capital Investments Plunge Amidst Challenging Market in 2023

TLDR:

Venture capital investments in Michigan companies fell in 2023, following a national decline in deal volume and funds invested. Last year, investors put $1.05 billion into 169 deals for Michigan-based companies, compared to $1.08 billion invested in 186 companies in 2022. Michigan largely avoided the steep decline seen nationally, with the state’s capital invested only dipping 10.3%, while the national average was 10.3%.

Despite the decline, last year’s figures were still well above any year prior to 2020. Paul D’Amato, CEO and managing director at Michigan Capital Network, said Michigan appears to be doing well vs. the rest of the country. The first half of 2023 was slow for Michigan Capital Network, but activity picked up in the latter half of the year, and the fourth quarter was quite busy. The decline in activity is reflective of a changing market, not a crisis, according to Bobby Franklin, president and CEO of the National Venture Capital Association.

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