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Michigan venture capital industry sees steady growth

Pile of money
Pile of money

ANN ARBOR (WKZO) -- According to a report released this week, the Michigan venture capital industry saw steady growth in 2012.

The Michigan Venture Capital Association's annual report shows that 22 Michigan companies closed 47 investment deals worth 242-million dollars in 2012.  With an uptick of 27-percent over last year, it is the most money invested in the state since 2008.

According to the MVCA report, out-of-state funds fueled the growth, going from 700-million dollars to just under four-billion dollars in 2012.