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Author: Paul Damato

MICHIGAN CAPITAL NETWORK ADDS NATIONAL EXPERT TO LEADERSHIP TEAM OF STATEWIDE ANGEL INVESTOR GROUP

Posted on by Paul Damato
Diane Durance, Executive Vice President, Michigan Capital Network

Grand Rapids, Mich. (Dec. 6, 2021) – Michigan Capital Network (MCN), the state’s largest association of regional angel investing groups, announced today the addition of Diane Durance as Executive Vice President. Durance joins CEO Paul D’Amato in leading efforts to increase angel investor activity across the state and supporting membership growth at the five angel organizations under the MCN umbrella. 

“I am extremely pleased to join the talented leadership team at Michigan Capital Network,” said Durance. “The economic impact of angel investments is very significant. Every dollar invested in an early-stage Michigan venture results in nearly ten dollars of additional capital being brought into the state. I look forward to helping MCN and its investors build on that return and drive even more high-tech business development in Michigan.” 

Prior to joining MCN, Durance served as the director of the Center for Innovation and Entrepreneurship at the University of North Carolina in Wilmington. She also has previously served as president of Great Lakes Entrepreneur’s Quest (GLEQ), a Michigan non-profit organization supported by MEDC to connect early stage technology ventures with funding opportunities. She began her work with technology startups in Ann Arbor in 2005 as president of the Ann Arbor IT Zone, an organization that preceded Ann Arbor SPARK. Durance started her business career as an entrepreneur herself, launching and growing three companies including a telecommunications engineering firm, a contract publishing company and a residential construction business. 

“We are so fortunate and thankful to add Diane to our association,” said Paul D’Amato, CEO of Michigan Capital Network. “Her extensive experience in early-stage technology ventures and her overall understanding of the entrepreneurial ecosystem will benefit all of our angel investors and the companies in our portfolio.”  

Michigan Capital Network includes investing members from Grand Angels, Ka-Zoo Angels, Woodward Angels, Flint Angels and the recently added BlueWater Angels. Combined, the association’s 162 members have invested more than $57 million with 91 companies. More than 1,500 jobs have been created through those investments. 

Michigan Capital Network adds regional Angel Investing Group to its Statewide Association

Posted on by Paul Damato

“Joining this statewide investing association brings more insight and resources to our members and the companies we support.”

Leland Richards, director of BlueWater Angels Tweet

Grand Rapids, Mich. (Nov. 30, 2021) – Michigan Capital Network (MCN), the state’s largest association of regional angel investing groups, today announced the addition of BlueWater Angels to its network. This latest addition extends MCN’s statewide reach to mid-Michigan, including the Midland, Bay City and Saginaw region.

 

Since its inception in 2008, BlueWater Angels has engaged more than 50 investors and invested more than $21 million in 34 companies. The addition of BlueWater brings MCN’s total angel fund investments under management to more than $50 million.

 

“We are extremely pleased to have the BlueWater Angels join our statewide association,” said Paul D’Amato, CEO of Michigan Capital Network. “The financial success and economic impact of this group is exceptional and we look forward to working with their leadership to further enhance business growth in our state.”

 

Globally, venture funds have raised more money in the first half of 2021 than ever before. If this pace continues, it will pass the all-time high of $136 billion set in 2018. MCN is experiencing a similar growth trend. The association invested more than $5.5 million in early-stage Michigan ventures in just the first eight months of 2021, representing a nearly 20 percent increase over the total annual investment in 2019.

 

“We have long-admired the success and effectiveness of the angel investing groups in MCN,” said Leland Richards, Director of BlueWater Angels. “Joining this statewide investing association brings more insight and resources to our members and the companies we support.”

 

BlueWater joins Grand Angels, Ka-Zoo Angels, Woodward Angels and Flint Angels as members of Michigan Capital Network. MCN seeks to achieve solid returns for its investors and members while supporting new, innovative technology companies in Michigan and the Midwest. Combined, the association has more than 160 active members with investments in 76 companies in its portfolio. More than 1,500 jobs have been created through those investments.

 

Click here to learn more about Michigan Capital Network and its regional angel investing groups.

Read more from Grand Rapids Business Journal and 6Park News. 

Dale Grogan Recognized by the Grand Rapids Business Journal as One of the 200 Most Powerful Business Leaders in West Michigan

Posted on by Paul Damato
DALE GROGAN, Managing Partner, Michigan Capital Network

Joining Michigan Capital Network

Dale Grogan became managing partner of MCN/Grand Angels in 2020. The organization is one of Michigan’s most active and most consistent investment organizations with a stated objective of building world-class companies and entrepreneurial talent through investment and mentoring. The group is committed to utilizing its financial, intellectual and networking resources to help portfolio companies achieve more and its focus is on entrepreneurs and companies in Michigan and the Midwest region.

Bringing Early-Stage Investing Experience

Mr. Grogan has been a member of the Investment Review Board of the Michigan Pre-Seed Fund since 2009. He is a former managing director for Michigan Accelerator Fund I, MAF Opportunity Fund LP and Acuity Partners Ltd., former chairman of nanoRETE Inc., former advisory board director for Michigan Israel Business Bridge, former director of MichBio, former director of MIT Enterprise Forum Michigan, former adviser for Novus Biotechnology Fund I LP, and former chief strategist for LifeMed ID Inc. and SMART Association Inc. (where he also was director of smart card initiatives). He also is the former CEO of Leapfrog Smart Products and Conduit Healthcare Solutions Inc.

EDUCATION: Huntingdon College (B, B), University of Alabama at Birmingham (M)

MiBiz – Michigan Capital Network aims to raise $25M for fourth VC fund

Posted on by Paul Damato

BY Mark Sanchez, Grand Rapids

Michigan Capital Network plans to form a fourth venture capital fund.

The Grand Rapids-based Michigan Capital Network notified federal securities regulators in a recent filing of plans to
raise $25 million from investors. Michigan Capital Network’s Venture Fund IV L.P. requires a minimum investment of
$250,000, according to the July filing with the U.S. Securities and Exchange Commission.

“A fourth venture fund is great to see and surely indicates growth in our organization,” said Michigan Capital Network
CEO and Managing Director Paul D’Amato.

Jody Vanderwel and Dale Grogan will serve as managing partners for the latest venture capital fund. They also run
two prior venture capital funds for the organization. Vanderwel was the original president of Grand Angels that
formed in 2004 and is now part of Michigan Capital Network. Grogan joined the organization in November 2020 from
Charter Capital Partners, where he ran the Michigan Accelerator Fund I, a venture capital fund.

Read the full article on MiBiz’s website.

MiBiz – Grand Angels and affiliates reorganize to accommodate growth, promote diversity

Posted on by Paul Damato

BY Mark Sanchez, Grand Rapids

A restructuring for Grand Angels in 2021 aims to create understanding about angel investing and greater diversity
among investors and their deals.
The Grand Rapids-based angel investing network umbrella organization Michigan Capital Network has transitioned
into a nonprofit trade association. Under Michigan Capital Network, led by Interim Executive Director Janet Wylie,
Grand Angels and its affiliates in Kalamazoo, Detroit and Flint now work to “educate, grow, and diversify early-stage
investors in communities across Michigan.”

Read the full article on MiBiz’s website.

Crain’s Michigan Business – Grand Angels raising $25 million fund, its biggest ever

Posted on by Paul Damato

BY Tom Henderson

SPECIAL REPORT: GRAND RAPIDS

The Grand Rapids-based Grand Angels are planning on a grand year for 2021. The most active angel investor group in the state — and, founded in 2005, the oldest — is raising a new limited partner investment fund of $25 million, its biggest ever. It will co-invest in deals with individual angel investors around the state. Previously, the Grand Angels had raised investment funds of $1.5 million, $7.25 million and $11.8 million. According to Angels chairman Carl Erickson, the group is planning to add four more angel groups around the state this year to its affiliated angel network. In 2017, the Grand Angels helped launch the Kazoo Angels of Kalamazoo, and last year it helped launch the Flint Angels and the Detroit-based Woodward Angels.

Read more on Crain’s website.

MiBiz – Grand Angels names Dale Grogan as new managing partner

Posted on by Paul Damato

BY Mark Sanchez

GRAND RAPIDS — Angel investor group Grand Angels has named Dale Grogan as its new managing partner.
Grogan joins the Grand Rapids-based Grand Angels from Charter Capital Partners, where he worked for 13 years
and helped to form and manage the venture capital Michigan Accelerator Fund I and the mezzanine Charter Growth
Capital Fund. Grogan said the position at Grand Angels provides him the opportunity to focus on early-stage investing in startup companies. He can use his experience at Charter Capital Partners and “bring that to bear with the angels,” Grogan said.

Read the full article on MiBiz’s website.

MiBiz – Grand Angels president stepping down for Wisconsin community foundation job

Posted on by Paul Damato

BY Mark Sanchez

GRAND RAPIDS — Grand Angels President Tim Parker has stepped down to run a community foundation in
Wisconsin.
Parker starts Monday as president and CEO of the Community Foundation of North Central Wisconsin in Wasau,
Wisc. He’ll continue to assist the Grand Rapids-based Grand Angels, one of the most active angel investor groups in
the Midwest, during the transition to new leadership.
Parker, 52, recently became a grandfather and the foundation position moves him closer to family in Wisconsin. The
position as well allows him to pursue an interest in philanthropy and “putting all of my full-time efforts into making a
difference that’s going to impact communities locally in the long term,” Parker said.

Read the full article on MiBiz’s website.

MiBiz – VNN Inc. co-founder steps down from VC-backed startup after ‘passions changed’

Posted on by Paul Damato

BY Jason Bussa and Joe Boomgaard

Ryan Vaughn can count many accomplishments over the last decade after co-founding and scaling VNN Inc.,
originally known as Varsity News Network.
That includes raising around $21 million in investor capital for the company, a Grand Rapids-based information
technology startup that offers schools a platform to post content about sports programs. “I’m blown away when I think
about that number,” Vaughn told MiBiz.
Vaughn and Matt Anderson launched VNN in 2010, initially as a blog. As the duo continued to develop more complex
and effective ways to help high school sports programs operate, Vaughn became the face of the company,
successfully convincing groups such as Grand Angels, Start Garden (now Wakestream Ventures), Northern
Michigan Angels, Muskegon Angels, Capital Community Angel Investors and the Michigan Angel Fund to
invest in the model.

Read the full article on MiBiz’s website.

MiBiz – ‘TREMENDOUS WIN:’ Tetra Therapeutics’ sale offers healthy returns for investors, validation for local ecosystem

Posted on by Paul Damato

BY Mark Sanchez

GRAND RAPIDS — Tetra Therapeutics Inc.’s sale to a Japanese pharmaceutical company provides a final pathway
toward bringing to market potential new drugs to treat Alzheimer’s disease and a form of autism, as well as generates
a handsome return for financial backers. Investors in a $7.2 million Series A capital round Tetra raised in 2016 got a
return of five times their original investment, founder and CEO Mark Gurney said. Participants in an earlier July 2013
debt offering got an ROI that’s close to 13 times their investment, he said.

Read the full article on MiBiz’s website.

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