Grand Ventures has raised $28 million for its first fund. Based in Grand Rapids, Michigan, Grand Ventures is targeting seed and early-stage enterprise SaaS companies in the Midwest and other “emerging geographies.”
GRAND RAPIDS, Mich., October 1, 2019 – Grand Ventures, a Grand Rapids, Michigan-based venture capital firm focused on providing emerging companies with early-stage capital and strategic support, today announced the final close on its flagship Fund I, LP at $28 million. The firm, which has already invested in six companies from the fund, is targeting the most promising seed and early-stage Enterprise SaaS companies across the Midwest and throughout other emerging geographies.
Grand Ventures expects to invest in a total of 15-20 companies over the life of the fund that exhibit proprietary technology and service offerings and will benefit from its high-caliber talent and unique Advisory Board resources.
“We continue to differentiate our firm by focusing the majority of our deal-sourcing efforts on the greater Midwest with portfolio companies in Ann Arbor, Chicago, Cincinnati, and Indianapolis,” said Tim Streit, Grand Ventures co-founder and managing partner. “We’ve discovered that Midwest companies in particular have tapped into their entrepreneurial roots, creating unprecedented opportunity for early-stage investors with an abundance of talented entrepreneurs seeking the right support.”
While ultimately focused on the rapidly growing Midwest markets, Grand Ventures’ unparalleled Advisor network identifies and evaluates opportunities across the country, with the fund already featuring investments on both coasts.
“As the startup revolution continues to mature through penetration in non-coastal markets, many entrepreneurs are seeking more than just capital,” said Streit. “Our Advisors are actively involved in all aspects of the fund from deal-sourcing and due diligence to CEO mentorship, business development support and board roles. Our ultimate goal is to supercharge the growth of companies through early-stage investments, as well as to create value with proven advice and counsel.”
Grand Ventures executes on its “Capital Plus” approach through its Advisor network of more than 50 executives from a global and diverse range of industries. Included in this group and spearheading the Advisory Board is McKeel Hagerty, co-founder and managing partner of Grand Ventures and CEO of Hagerty. As former chairman of the board for YPO, the world’s largest organization of CEOs, Hagerty affirms business mentorship as a key component of startup and early-stage success.
“The visionary leaders I’ve met through YPO have played a huge role in my growth as a leader,” said Hagerty, whose company has grown from 30 employees to more than 1,200 today. “We promise the companies we fund the same type of impactful, real-world advice from our outstanding roster of C-suite executives, proven sector leaders and investors, and we believe this is a difference-maker in the companies we attract and the returns we can generate.”
Fund Advisors include top executives from world-class Midwest companies such as Founders Brewing, U.S. Robotics, Lean Logistics and iEducation Group.
Grand Ventures has actively cultivated a potential portfolio of companies in parallel with fundraising and expects to announce additional investments before the end of the year. For more information on Grand Ventures, its team and Advisors, as well as the firm’s portfolio of investments, please visit www.grandvcp.com or @grandvcp on Twitter.