Recently formed Grand Rapids venture capital firm closes on first investment
Written by Mark Sanchez
GRAND RAPIDS — A new venture capital fund in West Michigan closed on its first deal this week.
Grand Ventures I LP was part of a syndicate of investors that invested $3.5 million in Cincinnati, Ohio-based Astronomer Inc., a firm that provides a platform for clients to collect and analyze data.
The deal came after Grand Rapids-based Grand Ventures — which targets co-investments toward early-stage companies in the Midwest — looked at 400 investment prospects since forming in January. Closing its first investment gives the new venture capital fund added validity in the marketplace, said Maitlan Cramer, a principal with the firm.
“It definitely establishes credibility for us and shows that we’re actually doing deals here,” Cramer said. “It’s kind of nice to get the first deal under our belt and get out there and market and have people see that deal so it keeps building the pipeline for us. At the end of the day, we want to make sure we have a strong deal pipeline so we’re investing in quality deals.”
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