Detroit Renaissance has launched a venture capital fund and hired
Chris Rizik (co-founder of
Ardesta) to serve as the CEO of the new fund, setting a goal of raising $100 million.
The fund will launch in November and invest in other venture capital funds (similar to the Michigan's 21st Century Jobs Fund) in local venture capital firms. That way they can in turn invest in promising local new economy companies in need of capitalization. The idea is to help support Southeast Michigan's entrepreneurial community.
"If you want to support that community you need a strong venture capital community," Rizik says.
The Renaissance Venture Capital Fund will have offices in Detroit and Ann Arbor. The idea is to create more synergies between the two communities so they can play of each other's strengths. "They have to be more connected, and they have to work together," Rizik says.
Rizik will split time between the two offices for the next six months, raising money for the fund. He hopes to expand the office, growing to more than a dozen people within 3-5 years.
Source: Chris Rizik, CEO of Renaissance Venture Capital Fund
Writer: Jon Zemke
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