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Invest Detroit Ventures (ID Ventures) has been awarded grants to transform its First Capital Fund into a sustainable fund that will support Michigan start-ups for the long term.
The grants include: $3 million from the Ralph C. Wilson Jr. Foundation, $2.5 million from the Michigan Economic Development Corp. (MEDC), and $11 million in assets.
David Blaszkiewicz, president and CEO of Invest Detroit, states that as an organization committed to economic health and job creation in the region, they are grateful to their partners for bringing critical resources to local entrepreneurs and career opportunities for Michigan residents.
The main focus will be on seed funding for technology start-ups that want to scale up to grow the economy and generate job opportunities in the area.