Predict your next investment

Venture Capital
detroitinnovate.com

See what CB Insights has to offer

Investments

13

Portfolio Exits

2

Funds

2

About Detroit Innovate

Detroit Innovate combines a sector strategy designed to build companies in Southeast Michigan with its Entrepreneurs-in-Residence (EIRs) which support diligence and company origination opportunities.

Detroit Innovate Headquarter Location

Detroit, Michigan,

United States

Predict your next investment

The CB Insights tech market intelligence platform analyzes millions of data points on venture capital, startups, patents , partnerships and news mentions to help you see tomorrow's opportunities, today.

Latest Detroit Innovate News

Varsity News Network Snags $3.7 Million, Plans 2.0 Version Next Year

Sep 3, 2015

Varsity News Network (VNN), the Grand Rapids, MI-based startup that facilitates online communication between high school athletic departments, parents, and athletes , today announced that it has closed on a round of financing worth $3.7 million. Arsenal Ventures led the round, with participation from North Coast Technology Ventures, RSL Venture Partners, Start Garden, Nir Arkin, Detroit Innovate, Grand Angels, Northern Michigan Angels, the Michigan Angel Fund, and Avram Grant. “It’s been a hell of a lot of fun,” says Ryan Vaughn, VNN’s CEO. “Our first goal was to scale nationally from a small, regional startup. In 15 months, we’ve gone from being in about 250 schools in three states to being in 1,500 schools in 40 states.” VNN began in 2011 as a blog called West Michigan All Star, but it didn’t take Vaughn to realize his ambitions were greater than sports journalism. So, in 2012, the company made the pivot from traditional news outlet to a customizable digital hub for high school athletic departments. VNN has created a one-step process for schools to report scores and statistics after a game. The content uploaded to VNN can be automatically cross-posted to the school’s website and social media accounts. In addition, VNN offers a companion mobile app in Android and iOS versions. VNN also generates hyperlocal media content targeting athletes and parents in an effort to fill the prep-sports gap left by newspapers with shrinking budgets and changing coverage priorities. The company makes money through advertising, e-commerce, and digital fundraising. Vaughn said a new version of VNN is coming next year that will give users the ability to create profiles in order to connect with families and teammates, and upload and share content. “We’re the leading platform for high school athletic departments, but we think we can do better,” Vaughn says, noting that the site has more than 2 million registered users. “We think we can fundamentally change communication in K-12 sports.” School athletics, he adds, has long been behind the times when it comes to technology, because while prep sports generate a lot of local passion, that passion tends to die at the city limits unless the team is exceptionally talented. “The primary challenge was the fragmented nature of the market,” Vaughn says. “It was tough to scale nationally because the decisions were made locally. We’re excited to be able to provide access to local communities at scale, and we’re just getting started.” VNN has roughly 100 employees, and the company is hiring , Vaughn says. Sarah Schmid is the editor of Xconomy Detroit/Ann Arbor. You can reach her at 313-570-9823 or sschmid@xconomy.com. Follow @XconomyDET Share

Detroit Innovate Investments

13 Investments

Detroit Innovate has made 13 investments. Their latest investment was in Genomenon as part of their Seed VC - III on January 1, 2019.

CBI Logo

Detroit Innovate Investments Activity

investments chart

Date

Round

Company

Amount

New?

Co-Investors

Sources

1/8/2019

Seed VC - III

Genomenon

$2.5M

No

4

9/30/2018

Convertible Note

EVOQ Therapeutics

$0.05M

Yes

1

8/31/2017

Seed VC - III

Akadeum Life Sciences

$1.49M

No

2

9/3/2015

Series A - II

Subscribe to see more

$99M

Subscribe to see more

10

8/14/2015

Seed VC

Subscribe to see more

$99M

Subscribe to see more

10

Date

1/8/2019

9/30/2018

8/31/2017

9/3/2015

8/14/2015

Round

Seed VC - III

Convertible Note

Seed VC - III

Series A - II

Seed VC

Company

Genomenon

EVOQ Therapeutics

Akadeum Life Sciences

Subscribe to see more

Subscribe to see more

Amount

$2.5M

$0.05M

$1.49M

$99M

$99M

New?

No

Yes

No

Subscribe to see more

Subscribe to see more

Co-Investors

Sources

4

1

2

10

10

Detroit Innovate Portfolio Exits

2 Portfolio Exits

Detroit Innovate has 2 portfolio exits. Their latest portfolio exit was VNN on March 02, 2022.

Date

Exit

Companies

Valuation
Valuations are submitted by companies, mined from state filings or news, provided by VentureSource, or based on a comparables valuation model.

Acquirer

Sources

3/2/2022

Merger

1

9/15/2021

Acquired

Subscribe to see more

Subscribe to see more

10

Date

3/2/2022

9/15/2021

Exit

Merger

Acquired

Companies

Subscribe to see more

Valuation

Acquirer

Subscribe to see more

Sources

1

10

Detroit Innovate Fund History

2 Fund Histories

Detroit Innovate has 2 funds, including Detroit First Capital Fund.

Closing Date

Fund

Fund Type

Status

Amount

Sources

11/26/2017

Detroit First Capital Fund

Early-Stage Venture Capital

Open

$3M

1

3/4/2014

Detroit Innovate Fund I LP

Subscribe to see more

Subscribe to see more

10

Closing Date

11/26/2017

3/4/2014

Fund

Detroit First Capital Fund

Detroit Innovate Fund I LP

Fund Type

Early-Stage Venture Capital

Subscribe to see more

Status

Open

Subscribe to see more

Amount

$3M

Sources

1

10

Detroit Innovate Team

2 Team Members

Detroit Innovate has 2 team members, including current Managing Director, Patti Glaza.

Name

Work History

Title

Status

Patti Glaza

Managing Director

Current

Adrian Fortino

University of Michigan, First Step Fund, Ann Arbor SPARK, and Ricardo

Managing Director

Former

Name

Patti Glaza

Adrian Fortino

Work History

University of Michigan, First Step Fund, Ann Arbor SPARK, and Ricardo

Title

Managing Director

Managing Director

Status

Current

Former

Discover the right solution for your team

The CB Insights tech market intelligence platform analyzes millions of data points on vendors, products, partnerships, and patents to help your team find their next technology solution.

Request a demo

CBI websites generally use certain cookies to enable better interactions with our sites and services. Use of these cookies, which may be stored on your device, permits us to improve and customize your experience. You can read more about your cookie choices at our privacy policy here. By continuing to use this site you are consenting to these choices.