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Angel Investor (Group)
FINANCE | Investment Firms & Funds
miangelfund.com

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Investments

32

Portfolio Exits

3

Funds

2

About Michigan Angel Fund

Michigan Angel Fund (MAF) was established by Ann Arbor SPARK, with administrative support from the Michigan Economic Development Corporation, to help finance early stage companies in Michigan and to attract additional angel investors.

Michigan Angel Fund Headquarter Location

330 E. Liberty St

Ann Arbor, Michigan, 48104,

United States

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Latest Michigan Angel Fund News

Despite pandemic, Michigan Angel Fund made record-breaking investments in 2020

Feb 3, 2021

Jaishree Drepaul-Bruder |Wednesday, February 3, 2021 Share Michigan Angel Fund manager Skip Simms. Michigan Angel Fund This story is part of a series about Washtenaw County businesses' response to the COVID-19 pandemic. Support for this series is provided by Ann Arbor SPARK . In an economy upended by the COVID-19 pandemic, the Ann Arbor-based Michigan Angel Fund (MAF) has remained committed to helping local emerging businesses. Since the pandemic began in March, the fund has kept busy – and even made its biggest investment to date. "We moved quickly to take the temperature of investors and assess the attitudes of companies," says Skip Simms, manager of MAF. "We were pleased to write 10 checks for nine companies last year."   MAF's 2020 investments totalled $1,102,571. Both March and July saw the addition of a company to MAF's portfolio. There were several follow-on investments to MAF's existing portfolio companies, one of which resulted in MAF's largest single investment: a $2.88 million bridge note to Ann Arbor-based genomic health IT company Genomenon in May. Speaking to what prompted MAF to make that investment, Simms says MAF recognized exciting potential. Last year Genomenon was going to do a sizable round of Series B funding. When investors who were interested in March backed out in April, Genomenon CEO Mike Klein suddenly found himself having to make some tough decisions. "We brainstormed and he decided to raise a much smaller amount of capital. Instead of raising another equity round, they would do a bridge note and rely on their current investors to give them enough capital," Simms says. "It would give them a 12-24 month runway to get through these times, and then they can go back out and raise the capital."   Simms feels that many of MAF's portfolio companies experienced "a huge sense of relief" last May. At the time, there were unknowns that loomed especially large overhead: Would their existing customer pipelines continue to mature? Could they actually get sales or close sales? Or was the economy simply going to shut down? "These questions answered themselves by the end of the second quarter," Simms says. "Customers were still looking for the kinds of technologies and services that our portfolio companies were providing, and were willing to meet with their sales departments."   A few of MAF's portfolio companies in sectors that weren't buying had to quickly make reassessments to survive. Simms reports that all of the MAF portfolio companies made it through 2020, and some were even acquired by other companies.

Michigan Angel Fund Investments

32 Investments

Michigan Angel Fund has made 32 investments. Their latest investment was in Genomenon as part of their Series B on March 3, 2022.

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Michigan Angel Fund Investments Activity

investments chart

Date

Round

Company

Amount

New?

Co-Investors

Sources

3/8/2022

Series B

Genomenon

$20M

No

5

3/23/2021

Series A

Genomenon

$5.3M

No

1

10/29/2020

Series C

Shoulder Innovations

$21.55M

No

10

12/19/2019

Series A

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$99M

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10

11/18/2019

Series C

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$99M

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10

Date

3/8/2022

3/23/2021

10/29/2020

12/19/2019

11/18/2019

Round

Series B

Series A

Series C

Series A

Series C

Company

Genomenon

Genomenon

Shoulder Innovations

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Amount

$20M

$5.3M

$21.55M

$99M

$99M

New?

No

No

No

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Co-Investors

Sources

5

1

10

10

10

Michigan Angel Fund Portfolio Exits

3 Portfolio Exits

Michigan Angel Fund has 3 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

$99M

1

6/18/2020

Reverse Merger

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$99M

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10

6/6/2018

Acquired

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$99M

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10

Date

3/2/2022

6/18/2020

6/6/2018

Exit

Merger

Reverse Merger

Acquired

Companies

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Valuation

$99M

$99M

$99M

Acquirer

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Sources

1

10

10

Michigan Angel Fund Fund History

2 Fund Histories

Michigan Angel Fund has 2 funds, including MAF IV.

Closing Date

Fund

Fund Type

Status

Amount

Sources

1/28/2020

MAF IV

$2M

1

4/20/2015

MAF II

$99M

10

Closing Date

1/28/2020

4/20/2015

Fund

MAF IV

MAF II

Fund Type

Status

Amount

$2M

$99M

Sources

1

10

Michigan Angel Fund Team

1 Team Member

Michigan Angel Fund has 1 team member, including current Managing Director, Mike Flanagan.

Name

Work History

Title

Status

Mike Flanagan

University of Michigan, Michigan Economic Development Corporation, and J.P. Morgan Chase & Co.

Managing Director

Current

Name

Mike Flanagan

Work History

University of Michigan, Michigan Economic Development Corporation, and J.P. Morgan Chase & Co.

Title

Managing Director

Status

Current

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