Crain’s: Nascent Grand Ventures fills startup funding gap

Grand Ventures LLC, a Grand Rapids-based venture capital firm planning to help fill a funding void for startup and very early stage companies, has had no shortage of deals to review since it announced its birth in 2017 with a filing with the U.S. Securities and Exchange Commission.

 

The filing said its fund, Grand Ventures I LP, was targeting $50 million. The first closing in August was $10 million. While co-founder and general partner Tim Streit said he is continuing to raise money toward the goal, SEC rules prohibit him from disclosing further details.

 

 He can disclose, though, the heavy workload of due diligence needed to choose which startups and early-stage companies to fund.

“In the last year, we looked at 700 companies and invested in four,” Streit said.

 

Grand Ventures looks for companies with business-to-business software in automotive, agriculture and energy. “We like the intersection of technology and old industries,” he said.

 

The plan is to target Michigan companies and invest in five or six a year until they reach about 25. “We want to find young entrepreneurs and keep them here instead of seeing them head to the coast,” Streit said.

 

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