Southeast Michigan is now home to another unicorn startup. Detroit-based e-commerce company StockX announced Wednesday that it has raised $110 million in a Series C funding round, increasing the company’s total value to more than $1 billion. The investment was led by DST Global, General Atlantic, and GGV Capital. In a statement announcing the funding … Continue reading “Detroit’s StockX Gains Unicorn Status After $110M Series C Investment”
Tag: Dan Gilbert
Scoop Partners with Bedrock to Bring Carpooling Service to Detroiters
Scoop, the app-based carpooling service headquartered in San Francisco, landed in Detroit this week and will now facilitate rides for residents living in seven Motor City ZIP codes that encompass downtown, Midtown, Corktown, and neighborhoods to the immediate east and west of downtown. When Scoop enters a new market, its approach involves partnering with a … Continue reading “Scoop Partners with Bedrock to Bring Carpooling Service to Detroiters”
Roundup: Strata Oncology, Genomenon, Gilbert Family Foundation, More
Spring is always a busy time for Michigan’s innovation community, so let’s catch up on recent tech and entrepreneurial news below: —Last year, we reported on the Gilbert Family Foundation, a charitable organization founded by Quicken Loans chairman Dan Gilbert and his wife Jennifer, and its initiative to develop gene therapy treatments for neurofibromatosis 1 (NF1). … Continue reading “Roundup: Strata Oncology, Genomenon, Gilbert Family Foundation, More”
Everdays Raises $12 Million for End-of-Life Communication Platform
Mark Alhermizi first found startup success with Gas Station TV, a Birmingham, MI-based company that broadcasted from gas station pumps and was sold to Dan Gilbert’s Rockbridge Growth Equity in 2014 for a reported $100 to $200 million. In 2017, Alhermizi started a new “social platform” venture called Everdays, which was born as a result … Continue reading “Everdays Raises $12 Million for End-of-Life Communication Platform”
How 3 Detroit Founders Built Tech Startups Despite City’s Bankruptcy
On July 18th, 2013, the city of Detroit filed for Chapter 9 bankruptcy, becoming the largest city in American history to do so. Just four years earlier, Chrysler and General Motors—automobile companies that were long a staple of the Detroit economy—had filed for Chapter 11 bankruptcy. “You hear stories about the Great Depression in the … Continue reading “How 3 Detroit Founders Built Tech Startups Despite City’s Bankruptcy”
Gilbert Foundation to Pursue Gene Therapy for Neurofibromatosis
The Gilbert Family Foundation, a charitable organization founded by Quicken Loans chairman Dan Gilbert and his wife Jennifer, is making its first foray into gene therapy research. The foundation will spend $12 million in an initiative to develop new treatments that target the underlying genetic abnormalities in neurofibromatosis type 1 (NF1), a disorder that can result … Continue reading “Gilbert Foundation to Pursue Gene Therapy for Neurofibromatosis”
Detroit’s StockX Raises $44M Funding Round, Plans to Hire 1,000
StockX, the online “stock market of things” focused on sneakers and other high-demand, limited-edition products, has closed one of the largest investment rounds raised by a Detroit startup and announced yesterday that it now plans to go on a major hiring spree. The news came from StockX CEO Josh Luber during a keynote speech at the … Continue reading “Detroit’s StockX Raises $44M Funding Round, Plans to Hire 1,000”
Vicis, With New Funding, Targets Tech for Safer Football Helmets
A new generation of football helmet technology, designed with the specific aim of limiting life-threatening brain trauma, appears to be seeping into mainstream use. One company, Seattle-based Vicis, appears to have added tens of millions of dollars to help propel it in this field. Vicis reported a $53.2 million equity funding round, some of which … Continue reading “Vicis, With New Funding, Targets Tech for Safer Football Helmets”
May Mobility and Bedrock Deploy Driverless Shuttles in Detroit
In March, May Mobility CEO Ed Olson told Xconomy that his company would beat Waymo, Uber, and Cruise in the race to get autonomous vehicles on the road, and it appears he may be right. May and Bedrock, the Detroit real estate firm associated with Quicken Loans chairman Dan Gilbert, have launched what they call … Continue reading “May Mobility and Bedrock Deploy Driverless Shuttles in Detroit”
Detroit Entrepreneur’s PlayVs is First E-Sports League for High Schools
As a kid in the 1990s, Delane Parnell spent his formative years around Detroit’s 7 Mile and Burgess neighborhood in a home with no Internet. Today, he’s the founder and CEO of a hot Los Angeles-based e-sports startup—and responsible for raising the largest Series A investment round of any African-American tech founder. Parnell is the … Continue reading “Detroit Entrepreneur’s PlayVs is First E-Sports League for High Schools”
Amazon, Bedrock Announce Projects Tied to MI Strategic Fund Awards
Amazon will invest $150 million in a new package fulfillment center on the west side of Michigan, the tech giant announced today. Amazon (NASDAQ: [[ticker:AMZN]]) said it will lease a 100-acre site in Gaines Township from Steelcase, a Grand Rapids, MI-based furniture maker. A third-party developer will construct the facility. The Michigan Strategic Fund (MSF), … Continue reading “Amazon, Bedrock Announce Projects Tied to MI Strategic Fund Awards”
Want to Find Stellar Software Engineers in the Midwest? Here’s How
It may seem obvious that companies in the Midwest face challenges attracting and retaining talent, given our weather and location far from the coasts. One need only to look at college football recruiting, after all, to see how the average annual snowfall on campus matters almost as much as last season’s win/loss record. To some … Continue reading “Want to Find Stellar Software Engineers in the Midwest? Here’s How”
After Whirlwind 2017, May Mobility Plans to Expand Driverless Fleet
May Mobility, the autonomous vehicle startup based in Ann Arbor, MI, had an action-packed 2017. The company launched in January, completed a stint in the Y Combinator accelerator over the summer, put driverless shuttles on downtown Detroit streets through a small pilot program in October, and raised more than $11 million over the course of … Continue reading “After Whirlwind 2017, May Mobility Plans to Expand Driverless Fleet”
Dentsu Aegis Buys HelloWorld, formerly ePrize, for an Undisclosed Sum
When we first visited the headquarters of HelloWorld in 2012, the company was still called ePrize and was swiftly outgrowing its Pleasant Ridge, MI, digs. After several years of exponential growth, HelloWorld announced last week that it has been acquired by Dentsu Aegis Network, based in the U.K. The financial terms of the deal were … Continue reading “Dentsu Aegis Buys HelloWorld, formerly ePrize, for an Undisclosed Sum”
Case’s $150M Rise of the Rest Fund Aims to Boost Flyover Startups
Author, investor, and AOL co-founder Steve Case today announced a new $150 million venture fund aimed at pumping investment capital into tech companies in so-called flyover states. Contributing to the fund is an impressive group of some of the most successful entrepreneurs in the country. Called the Rise of the Rest Seed Fund, it will … Continue reading “Case’s $150M Rise of the Rest Fund Aims to Boost Flyover Startups”
Case’s Advice to Entrepreneurs? Persevere, Support Local Networks
Michigan’s tech startup ecosystem has come a very long way in the past decade—a recent report in Engadget took a fair, comprehensive look—but still lacks a few key ingredients, like a culture that embraces failure and entrepreneurial leaders who aggressively work to create a welcoming, collaborative community. Those were some of the takeaways from yesterday’s … Continue reading “Case’s Advice to Entrepreneurs? Persevere, Support Local Networks”
Would a Binational Detroit-Windsor Amazon HQ2 Bid Be a Game-Changer?
Just about all of North America has been abuzz over Amazon’s search for a second headquarters. Dubbed HQ2, the project is expected to bring billions in investment capital to the winner, along with up to 50,000 jobs. Like virtually every major city in America, Detroit is planning to toss its hat into the ring. But unlike … Continue reading “Would a Binational Detroit-Windsor Amazon HQ2 Bid Be a Game-Changer?”
Distil’s Are You a Human Acquisition Is Big Win for Tech Community
Detroit’s nascent tech community got a significant validation today as Silicon Valley cybersecurity company Distil Networks announced it has acquired homegrown, Dan Gilbert-backed startup Are You a Human. The specific terms and the monetary value of the deal were not disclosed, but Distil says it plans to open a new office in Detroit as a … Continue reading “Distil’s Are You a Human Acquisition Is Big Win for Tech Community”
Microsoft Moving Michigan Tech Center to Downtown Detroit
Bedrock Detroit, the real estate company tied to Quicken Loans chairman Dan Gilbert, announced today that it has successfully lured Microsoft to downtown Detroit. The Redmond, WA-based technology giant (NASDAQ: [[ticker:MSFT]]) has maintained a 52,000-square-foot tech center in Southfield, a suburb of Detroit, since 2010. But Microsoft’s planned 2018 relocation to the Motor City is being … Continue reading “Microsoft Moving Michigan Tech Center to Downtown Detroit”
Detroit in Tech Aims to Boost Diversity, Connect Startups to Resources
A new project to support minority entrepreneurs by highlighting their work and connecting them with the resources they need to grow their companies has launched in the Motor City. Detroit in Tech, a collaboration between Grand Circus, Google for Entrepreneurs, and Code2040, seeks to even the playing field in a growing ecosystem. According to Detroit … Continue reading “Detroit in Tech Aims to Boost Diversity, Connect Startups to Resources”
Verizon Gobbles Up Yahoo, Will Group It With AOL—But What About Tumblr?
A huge question has finally been answered about Yahoo’s future. Verizon sealed a deal over the weekend to acquire the company’s core business for more than $4.8 billion in cash, and will put Yahoo on the same shelf it keeps AOL. That is but a sliver of the valuation Yahoo tasted in its heyday, including … Continue reading “Verizon Gobbles Up Yahoo, Will Group It With AOL—But What About Tumblr?”
Thanks to Explosive Growth, Quikly Snags $3 Million Investment
Detroit-based digital marketing startup Quikly announced this week that it has closed on a new $3 million round of funding. Ann Arbor’s Plymouth Ventures led the round, with participation from PennStro Ventures, BRMR (a subsidiary of BDS Capital), Hyde Park Angels, and Tappan Hill Ventures. As part of the deal, Kevin Terrasi, a partner at … Continue reading “Thanks to Explosive Growth, Quikly Snags $3 Million Investment”
Roundup: MI’s Bio Sector Ranked, Wayne State, StockX, and More
Here’s a look at news from around Michigan’s innovation hubs: —According to a report released at the BIO International convention earlier this month, Michigan’s biosciences sector experienced significant growth from 2012-2014. The TEConomy/BIO report measured several indicators, including the number of employees and companies, average wages, academic research expenditures, venture capital investments, and number of … Continue reading “Roundup: MI’s Bio Sector Ranked, Wayne State, StockX, and More”
As He Bids to Buy Company, What Are Dan Gilbert’s Plans for Yahoo?
According to a report published in the Detroit News today, Quicken Loans chairman Dan Gilbert is serious enough about buying Yahoo that he’s lined up financing from investor Warren Buffett, the second-richest man in America. Buffett told CNBC Monday that his firm, Berkshire Hathaway, has offered to be a potential finance partner while Gilbert leads … Continue reading “As He Bids to Buy Company, What Are Dan Gilbert’s Plans for Yahoo?”
As Detroit Transforms, Foley’s Book Teaches Jackasses How to Behave
On Friday night, while delivering late-night fast food to my fiancé at work, I drove around the outer reaches of my Midtown Detroit neighborhood for the first time since I put my bike up for the winter. I felt a bit like a stranger in a strange land as I passed gaggles of young professional … Continue reading “As Detroit Transforms, Foley’s Book Teaches Jackasses How to Behave”
Will 10-Gig Internet Help Revitalize Detroit? Rocket Fiber Says Yes
There has been no shortage of news stories about the abysmal state of Internet connectivity in the city of Detroit. As the Motor City attempts to remake itself as a tech hub, the fact remains that only 40 percent of households here are online—the second-lowest number in the nation after Laredo, TX. The state of … Continue reading “Will 10-Gig Internet Help Revitalize Detroit? Rocket Fiber Says Yes”
Campless Morphs Into StockX, a “Stock Market” for Sneakers
In October, we brought you the news that Campless, a Philadelphia-based website calling itself the “Kelley Blue Book for sneakers,” had relocated to Detroit at the behest of investor Dan Gilbert. On Monday, Campless morphed into a new venture called StockX, which CEO Josh Luber described as the world’s first online “stock market of things,” … Continue reading “Campless Morphs Into StockX, a “Stock Market” for Sneakers”
Dan Gilbert’s Courtside Ventures Bets $35M on eSports, VR, Wearables
Earlier this month, it was announced that Dan Gilbert, Quicken Loans founder and owner of the Cleveland Cavaliers, has partnered with Bruin Sports Capital and WPP on a new $35 million investment fund. Based in New York City and Detroit, Courtside Ventures will invest in early-stage tech and media startups with a focus on sports. … Continue reading “Dan Gilbert’s Courtside Ventures Bets $35M on eSports, VR, Wearables”
Big Changes Coming to Bizdom’s Detroit Accelerator
I was at a gathering last week when I first heard the rumors: Bizdom, Quicken Loans founder Dan Gilbert’s startup accelerator in downtown Detroit, was supposedly closing its doors. Details were scarce among partygoers, but more than one journalist I talked to said the incubator was going to wind down operations, a plan seemingly confirmed … Continue reading “Big Changes Coming to Bizdom’s Detroit Accelerator”
MI Roundup: GM, WSU, MichiganX, Detroit Blight Removal Task Force
Here’s a look at news from around Michigan’s innovation communities: —The National Science Foundation (NSF) has awarded a $3 million grant to Wayne State University as part of a project to change how STEM (science, technology, engineering, and math) classes are taught. The grant will be disbursed in competitive awards of up to $100,000 to … Continue reading “MI Roundup: GM, WSU, MichiganX, Detroit Blight Removal Task Force”
Campless Decamps to Detroit, Plans Expansion Into Other Collectibles
Perhaps the most unexpected revelation to come out of the demo day event held by Detroit Venture Partners a few weeks ago was that Campless, a Philadelphia-based website that calls itself “the Kelley Blue Book for sneakers,” had been enticed to relocate to the Motor City by DVP founder and Quicken Loans chairman Dan Gilbert. … Continue reading “Campless Decamps to Detroit, Plans Expansion Into Other Collectibles”
Nutshell’s CEO, Founder on Building Startups in Ann Arbor
When I first sat down last spring to talk with serial entrepreneurs Guy Suter and Joe Malcoun about the companies they’ve launched and their plans to boost Ann Arbor’s startup ecosystem as a whole, it was a fun, freewheeling conversation. Malcoun and Suter have their hands in a number of local companies and projects. They’re … Continue reading “Nutshell’s CEO, Founder on Building Startups in Ann Arbor”
NFL Lab Report: Detroit’s Xenith Makes Top-Rated Football Helmet
The topic of football-related brain injuries has captured national attention as doctors and researchers learn more about the kind of long-term damage sustained by players in the rough-and-tumble sport. There’s even a movie scheduled to hit theaters later this year called “Concussion,” which stars Will Smith as Dr. Bennet Omalu, the real-life forensic neuropathologist who … Continue reading “NFL Lab Report: Detroit’s Xenith Makes Top-Rated Football Helmet”
Roundup: U-M, Grand Circus, Quicken Loans, MI Science Center & More
Here’s a look at news from around Michigan’s innovation hubs: —The Zell Family Foundation announced this week that it has pledged another $60 million to the University of Michigan’s Zell Lurie Institute for Entrepreneurial Studies at the Ross School of Business. The money will provide endowed funding for the institute and its programs for students … Continue reading “Roundup: U-M, Grand Circus, Quicken Loans, MI Science Center & More”
MI Roundup: Gilbert vs. Lacob, TierConnect, Detroit Materials & More
Here’s a look at news from around Michigan’s innovation hubs: —Ann Arbor’s Plymouth Ventures announced this week that it has made a follow-on investment in 365 Retail Markets, a Troy-based startup that provides hardware and software to vending machine owners who are looking to cash in on a wave of the future: unmanned, miniature convenience … Continue reading “MI Roundup: Gilbert vs. Lacob, TierConnect, Detroit Materials & More”
MGCS Highlights MI’s Strengths, Challenges, Need for More Capital
The 34th annual Michigan Growth Capital Symposium (MGCS) continues today in Ypsilanti, attracting venture capitalists and hot startups from around the region for a two-day conference where companies have a chance to pitch their ideas and network with potential investors. The keynote speech yesterday was delivered by Brad Keywell, a former metro Detroiter and University … Continue reading “MGCS Highlights MI’s Strengths, Challenges, Need for More Capital”
PowerMoves@Detroit Sees Fertile Ground to Seed Inclusive Innovation
Last week, the sprawling Techweek conference took over Detroit, and amidst the roster of activities, tech-celeb speakers, and after-parties, I was most impressed with the PowerMoves@Detroit event held downtown. PowerMoves@Detroit, which was sponsored by Morgan Stanley and hosted by Invest Detroit and the Detroit Economic Growth Corporation (DEGC), showcased local and nationally recruited minority entrepreneurs participating … Continue reading “PowerMoves@Detroit Sees Fertile Ground to Seed Inclusive Innovation”
WaitTime Evolves to Give Stadiums Tools For a Better Fan Experience
Last year, as the orange, white, and blue-clad masses celebrated the Detroit Tigers home opener, Xconomy reported on a local startup called WaitTime that aimed to provide up-to-the-minute information on the length of beer and bathroom lines for attendees of concerts and sporting events. We checked in with WaitTime’s founder, Zachary Klima, to find out … Continue reading “WaitTime Evolves to Give Stadiums Tools For a Better Fan Experience”
Detroit’s Rockbridge Acquires Robb Report, Plans Digital Expansion
In most people’s minds, the words “luxury” and “Detroit” don’t immediately go together, but that could change soon: Rockbridge Growth Equity, a private equity firm founded by Dan Gilbert, has acquired Robb Report, arguably the world’s best-known lifestyle magazine dedicated to people for whom money is no object. The terms of the deal were not disclosed. … Continue reading “Detroit’s Rockbridge Acquires Robb Report, Plans Digital Expansion”
How Dan Gilbert Helped Tame the Incorrigible Rap Genius
You may have missed the story Business Insider published Friday detailing Rap Genius’s turmoil on the way to raising $40 million. Rap Genius is a New York City startup that started as a website where people on the Internet could analyze the lyrics of rap songs. Now, rebranded as Genius, the company wants to annotate … Continue reading “How Dan Gilbert Helped Tame the Incorrigible Rap Genius”
Roundup: Upwardly Global, BoostUp, Jacapps, Quicken Loans, Sakti3
Here’s a look at news from around Michigan’s innovation ecosystem: —On June 20, we published an article in which Steve Tobocman, director of Global Detroit, predicted that Detroit Mayor Mike Duggan would soon announce new “immigration reform strategies.” On June 23, the city did indeed announce that the San Francisco-based nonprofit Upwardly Global has opened … Continue reading “Roundup: Upwardly Global, BoostUp, Jacapps, Quicken Loans, Sakti3”
AOL Founder Steve Case: Detroit Has All the Ingredients for a Comeback
The Rise of the Rest bus tour kicked off in Detroit yesterday as part of a broader effort to shine a national spotlight on a shift in the geography of high-growth entrepreneurship and the emergence of strong startup ecosystems in the nation’s heartland. The bus tour, sponsored by AOL founder and philanthropist Steve Case’s company … Continue reading “AOL Founder Steve Case: Detroit Has All the Ingredients for a Comeback”
Coming Soon to Detroit’s Blight Fight: People’s Property Dashboard
In January, Xconomy reported on the Motor City Mapping project to survey the city’s entire 139 square miles—nearly 400,000 parcels of land—and identify blighted properties in need of demolition. Back then, a team of about 200 surveyors hit the snowy streets and spent roughly two months crisscrossing the city, using an app to catalog each … Continue reading “Coming Soon to Detroit’s Blight Fight: People’s Property Dashboard”
Steve Case’s “Rise of the Rest” Startup Tour to Kick Off in Detroit
Investor and AOL co-founder Steve Case announced on Thursday he will embark on a bus tour in June to highlight emerging entrepreneurial ecosystems. Called “Rise of the Rest” and co-sponsored by UP Global, Revolution, and Google for Entrepreneurs, the tour kicks off in Detroit on June 24 and continues on to Pittsburgh, Cincinnati, and Nashville. … Continue reading “Steve Case’s “Rise of the Rest” Startup Tour to Kick Off in Detroit”
TechTown, Bizdom to Use JPMorgan Chase Grants to Support Startups
Yesterday, JPMorgan Chase chairman and CEO Jamie Dimon joined Governor Rick Snyder and Detroit Mayor Mike Duggan to announce the global financial services firm plans to invest $100 million in Detroit over the next five years—including some funding for local startup initiatives. Critics immediately pointed out that $100 million is a drop in the bucket … Continue reading “TechTown, Bizdom to Use JPMorgan Chase Grants to Support Startups”
Microsoft Ventures Opens Downtown Detroit Office
Microsoft Ventures today announced it will open an office in downtown Detroit’s Madison Building, the Dan Gilbert-owned tech hub that houses homegrown startups like UpTo and Detroit Labs as well as the local offices of tech giants like Google and Twitter. Microsoft Ventures partners with startups to offer funding, acceleration services, or general mentorship. According … Continue reading “Microsoft Ventures Opens Downtown Detroit Office”
Serial Entrepreneur’s Website Highlights Detroit’s Hidden Gems
When I was riding in an Uber car the other day, the driver and I got to talking about Detroit and the misperceptions that people who don’t spend any time here have about the city. He told me about an out-of-town friend who asked him if he worried about people shooting at him as he … Continue reading “Serial Entrepreneur’s Website Highlights Detroit’s Hidden Gems”
WaitTime Hopes to Find Shortest Beer Line at the Ballpark
Today is the home opener for the Detroit Tigers, a day when busloads of suburbanites descend upon downtown to engage in extreme day drinking and related mayhem to celebrate the start of the Major League Baseball season. Wouldn’t it be great if revelers could pull up an app to check which beer lines in Comerica … Continue reading “WaitTime Hopes to Find Shortest Beer Line at the Ballpark”
U-M Students’ Books to Teach Kids About Steve Jobs, Entrepreneurship
Sara Abraham and Reda Jaber created a bucket list of things they wanted to do as a couple, and near the top of that list was writing a children’s book. They both attend the University of Michigan; she’s finishing up a bachelor’s degree in Global Health on her way to becoming a teacher, and he’s … Continue reading “U-M Students’ Books to Teach Kids About Steve Jobs, Entrepreneurship”
Detroit’s Backstitch Offers Users a Way to Sift Through the Web’s Noise
If you’re like me, you spend your days toggling back and forth between a dozen or so tabs crowding the top of your computer screen: One for e-mail, a few for social media, a few for news, one to monitor college basketball in anticipation of the NCAA tournament, and one for celebrity gossip for when … Continue reading “Detroit’s Backstitch Offers Users a Way to Sift Through the Web’s Noise”