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”
Tag: Detroit Venture Partners
Invest Michigan Hits Milestone, Backs Fiftieth Company in Four Years
Invest Michigan, an investment fund supported by the state-backed Michigan Strategic Fund, hit a major milestone at the end of 2018: it invested in its fiftieth company in four years. Ann Arbor’s Spellbound, which has developed a therapeutic tool to help kids cope with illness and engage in treatment through augmented reality technology, received the … Continue reading “Invest Michigan Hits Milestone, Backs Fiftieth Company in Four Years”
Detroit’s GuardHat Snags $20M Series A for Industrial IoT Platform
Hundreds of people in the U.S. die from industrial accidents every year, according to federal data. Part of the reason manufacturing jobs remain so deadly, argues GuardHat co-founder and CEO Saikat Dey, is because the sector’s technology has not progressed as rapidly as it has in the enterprise software and consumer tech markets. This week, … Continue reading “Detroit’s GuardHat Snags $20M Series A for Industrial IoT Platform”
Five Years In, Grand Circus CEO Reflects on Detroit Tech, Coding Boom
It seems like it was only yesterday when we covered the debut of Detroit’s Grand Circus, but the tech school is celebrating its fifth anniversary. The local tech scene has grown since 2013, as has the popularity of Grand Circus and other coding schools nationwide, which run short-term programs aimed at bestowing the skills needed … Continue reading “Five Years In, Grand Circus CEO Reflects on Detroit Tech, Coding Boom”
Fintech Startup Autobooks Raises $10M from Group of Midwestern VCs
Autobooks, the Detroit-based financial technology startup spun out of Billhighway in 2015, has raised $10 million in a Series A1 funding round. Contributors included Draper Triangle, Baird Capital, Detroit Venture Partners, Invest Michigan, and CU Solutions Group. Steve Robert, CEO of Autobooks, says this latest round comes a few months after the company raised a … Continue reading “Fintech Startup Autobooks Raises $10M from Group of Midwestern VCs”
Cargo Zooms Ahead with New Cash, Plans to Expand to 10 Cities
Score one for mobile convenience stores. Cargo, a New York City-based graduate of the Techstars Mobility accelerator, announced Monday it has raised more money from investors, reached its one millionth passenger, and will soon expand from test markets in New York, Chicago, and Boston to new cities . We caught up with Cargo founder and … Continue reading “Cargo Zooms Ahead with New Cash, Plans to Expand to 10 Cities”
Lunar Aims to Offer Budget Phone Service, Premium User Experience
Most of us can’t imagine going back to a time without smartphones. Having an Internet-enabled phone on one’s person makes life easier, and many of us would feel a bit naked without one. Paying for them, however, is another matter. The prices keep going up as the phones get more sophisticated, and with myriad fees … Continue reading “Lunar Aims to Offer Budget Phone Service, Premium User Experience”
MVCA Report Shines Light on Detroit’s Startup Growth and Challenges
For roughly the past five years, Detroit’s tech startup ecosystem has been growing at a rapid pace. However, accounts have differed as to just how much growth has occurred. A recent report by the Michigan Venture Capital Association (MVCA) attempts to shine a light on the subject while detailing a couple of key findings. According … Continue reading “MVCA Report Shines Light on Detroit’s Startup Growth and Challenges”
Cargo Helps Rideshare Drivers Run Turnkey Mobile Convenience Stores
Last month, when Intel released its report detailing the emerging “passenger economy,” it estimated that the value of the associated goods and services would be a stunning $7 trillion by 2050. Intel defines the passenger economy as what will happen when self-driving vehicles and ridesharing services turn drivers into idle passengers. A captive audience with … Continue reading “Cargo Helps Rideshare Drivers Run Turnkey Mobile Convenience Stores”
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”
Detroit Fintech Startup Autobooks Closes $5.5M Series A Round
Autobooks, the Detroit-based startup spun out of Billhighway in 2015, has closed on a $5.5 million Series A funding round. The investment was led by Pittsburgh-based Draper Triangle, with participation from CU Solutions Group, Baird Capital, Detroit Venture Partners, and Invest Michigan. Autobooks’s software is designed to be integrated with online banking platforms to serve … Continue reading “Detroit Fintech Startup Autobooks Closes $5.5M Series A Round”
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”
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?”
Woodside Distributors Crowned Champion of U-M Startup Competition
The University of Michigan concluded its spring business competition, called The Startup, last week, and, after a four-month pitching process, Woodside Distributors was crowned the champion. Hosted by U-M’s Center for Entrepreneurship, the competition began in January with 21 teams. From that initial field, a panel of local investors—the Mercury Fund’s Adrian Fortino, Jake Cohen … Continue reading “Woodside Distributors Crowned Champion of U-M Startup Competition”
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”
Ash & Anvil Officially Launches with Shirts for Shorter Guys
After a successful crowdfunding campaign earlier this year and a stint in Venture for America’s (VFA) first-ever startup accelerator, Detroit-based Ash & Anvil officially launched its retail operation this month. “Before, we were selling an idea,” Ash & Anvil co-founder Eric Huang said. “Our successful Indiegogo campaign proved that idea is valid.” What Ash & … Continue reading “Ash & Anvil Officially Launches with Shirts for Shorter Guys”
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”
Are You a Human Closes on $4.2M Series A, Plans Expansion of Human ‘Whitelist’
Are You a Human, the Detroit-based technology company focused on online identity verification, announced today that it has closed on a $4.2 million Series A round. Participating in the round were Detroit Venture Partners, which has invested in the company in the past; Boulder, CO-based Foundry Group Angels; MDC Dream Ventures, the investment arm of … Continue reading “Are You a Human Closes on $4.2M Series A, Plans Expansion of Human ‘Whitelist’”
#Hack4detroit Seeks to Improve City Services Through Open Data Portal
We started the week out talking about hackathons in Detroit, and we’ll finish the week the same way, although #hack4detroit has a twist: Participants are using the city of Detroit’s open data portal to create apps that will benefit city residents or help streamline operations. Automation Alley’s #hack4detroit event starts at 7 p.m. tonight at … Continue reading “#Hack4detroit Seeks to Improve City Services Through Open Data Portal”
Detroit’s Ash & Anvil Offers Clothes for Hard-to-Fit Shorter Guys
If your body type deviates from “standard” proportions for your age or gender, it can be challenging to find clothes that fit off the rack. That frustration has led to a new, Detroit-based online clothing store for “shorter guys” called Ash & Anvil. Its founders hope to get it off the ground in partnership with … Continue reading “Detroit’s Ash & Anvil Offers Clothes for Hard-to-Fit Shorter Guys”
Vineyard Capital, Detroit Venture Partners Lead $5M Round for Reach Influence
Royal Oak, MI-based retail analytics firm Reach Influence announced yesterday that it has closed a $5 million funding round led by Vineyard Capital Group, which is based in Bloomfield Hills, MI. Detroit Venture Partners also participated in the round. Eric Green, CEO of Reach Influence, says the investment comes with an invitation to locate in … Continue reading “Vineyard Capital, Detroit Venture Partners Lead $5M Round for Reach Influence”
Ford, Magna, Verizon Help Launch Techstars Program in Detroit
If you’re looking for further validation that Detroit’s tech ecosystem is gaining respect in the eyes of the world, here it is: Ford, in partnership with global auto supplier Magna International and Verizon Telematics, will announce today that it is helping to bring the esteemed Techstars startup accelerator to the Motor City. Techstars Mobility will … Continue reading “Ford, Magna, Verizon Help Launch Techstars Program in Detroit”
MVCA: 2014 is Shaping Up to Be A Banner Year for Michigan Startups
According to data released last week by the National Venture Capital Association (NVCA), the third quarter of 2014 was a busy one in the state of Michigan. The NVCA’s report, based on information collected by Pricewaterhouse Coopers and Thomson Reuters, says that Michigan-based startups raised a total of $2.2 million in four venture deals during … Continue reading “MVCA: 2014 is Shaping Up to Be A Banner Year for Michigan Startups”
Investors Talk Venture Capital and the Midwestern Talent Gap
Earlier this month, MoneyTree released its quarterly venture capital report, and the news was overwhelmingly positive. VCs invested almost $13 billion in 1,114 U.S. startups during the second quarter, which is the highest level of VC funding in 13 years. That included a strong showing by the Midwest, which isn’t known for its VC investing. … Continue reading “Investors Talk Venture Capital and the Midwestern Talent Gap”
MoneyTree Reports $121M in MI Venture Deals Last Quarter
Venture Capital investors had a very active second quarter of 2014, according to the latest MoneyTree report. VCs invested almost $13 billion in 1,114 U.S. startups during the second quarter, which is the highest level of VC funding in 13 years. Michigan also had a banner quarter for VC activity, with $121 million invested in … Continue reading “MoneyTree Reports $121M in MI Venture Deals Last Quarter”
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”
MoneyTree Reports $35.6M in MI Venture Deals Last Quarter
Venture capital funding surged nationwide during the first quarter of 2014, driven mainly by substantial investments in expansion-stage IT and software companies, according to the MoneyTree Report being released today. That trend extended to Michigan, where MoneyTree reported that 14 companies snagged $35.6 million in venture capital investment during the first quarter of 2014. Though … Continue reading “MoneyTree Reports $35.6M in MI Venture Deals Last Quarter”
See You Later at Xconomy Xchange: Nurturing a Startup Ecosystem
Start off your St. Paddy’s Day celebration right with our Xconomy Xchange event today, featuring Jason Mendelson on sustaining and nurturing a startup ecosystem. Mendelson is the managing director and co-founder of the Foundry Group, a Boulder, CO-based venture fund that invests in early-stage information technology, Internet, and software startups. He’s also a metro Detroit … Continue reading “See You Later at Xconomy Xchange: Nurturing a Startup Ecosystem”
Xconomy Xchange: Meet Panelist Brentt Baltimore
On March 17, Xconomy is hosting an event featuring Jason Mendelson, a metro Detroit native and a University of Michigan alum who went on to co-found the Foundry Group, a highly successful venture fund based in Boulder, CO. Mendelson also is a talented musician. He was the lead vocalist in the music video spoof that … Continue reading “Xconomy Xchange: Meet Panelist Brentt Baltimore”
Jason Mendelson Returns to Detroit to Talk Startup Ecosystems
When Jason Mendelson delivered the keynote speech at the Michigan Growth Capital Symposium two years ago, he made it clear he was feeling bullish about Detroit’s future prospects. Mendelson is a metro Detroit native and a University of Michigan alum who went on to co-found the Foundry Group, a highly successful venture fund based in … Continue reading “Jason Mendelson Returns to Detroit to Talk Startup Ecosystems”
MVCA Celebrates Year’s Top Deals, Names New Board Chair
The Michigan Venture Capital Association (MVCA) held its annual awards dinner this week to honor the year’s most important deals and VCs. During the dinner, the MVCA also named Jim Adox of Venture Investors as its new board chair. Carrie Jones, executive director of the MVCA, says that 2013 was a good year for Michigan’s … Continue reading “MVCA Celebrates Year’s Top Deals, Names New Board Chair”
BoostUp Secures $1,000,000 New Financing
Feed Type Link http://www.venturedeal.com/Search/SearchResultTransactionDetail.aspx?TransactionId=6d94e152-e1d6-42d8-88ea-02cf3be5a871 Date 10/23/2013 Company Name BoostUp Mailing Address 1555 Broadway St Detroit, MI 48226 Company Description Our Mission is to create a more organized, social, and rewarding way for consumers to save up and pay for life’s big purchases. BoostUp is a savings platform that enables consumers to save up and pay … Continue reading “BoostUp Secures $1,000,000 New Financing”
Motozuma Snags $1 Million Investment, Relaunches as BoostUp
In August, we reported that Motozuma—an Illinois-based startup that allows users to set up free online savings accounts where they can put money towards a new car and invite friends and family to help contribute—had quietly established a Detroit office. It turns out Detroit is the company’s new headquarters as it relaunches today as BoostUp … Continue reading “Motozuma Snags $1 Million Investment, Relaunches as BoostUp”
Who Knew? Fun Facts About Southeast Michigan’s Innovators
When people ask me for a “fun fact” about my life, I usually tell them some version of the story of how a friend and I stalked Canadian film director Guy Maddin all the way to Winnipeg, an incident that wound up as a chapter in Maddin’s book. I’m not the only one with amusing … Continue reading “Who Knew? Fun Facts About Southeast Michigan’s Innovators”
Report from Techonomy Detroit: Can Technology Rebuild the Middle Class?
Though members of the so-called middle class weren’t necessarily in the room at yesterday’s Techonomy Detroit conference, they seemed to be on a lot of attendees’ minds. One recurring theme to the day’s programming was the idea of utilizing technology as a democratizing agent to give people better access to education, jobs, government services, and investment … Continue reading “Report from Techonomy Detroit: Can Technology Rebuild the Middle Class?”
Roundup: LevelEleven Raises $2M, Atomic Object Acquires SRT Solutions
Lots of action in the Southeast Michigan startup world this week: —LevelEleven, the Detroit-based enterprise gamification startup spun out of ePrize, announced this week that it has raised another $2 million in equity financing, bringing the total venture investment in the company up to $3.5 million. Investors in LevelEleven’s latest round include CRM giant Salesforce, … Continue reading “Roundup: LevelEleven Raises $2M, Atomic Object Acquires SRT Solutions”
LevelEleven Obtains $2,000,000 New Funding Round
Feed Type Link http://www.venturedeal.com/Search/SearchResultTransactionDetail.aspx?TransactionId=11c405d2-3cc7-40ac-995d-3a794930b3a6 Date 9/9/2013 Company Name LevelEleven Mailing Address 1555 Broadway St 3rd Floor Detroit, MI 48226 Company Description LevelEleven develops easy-to-use software tools that help sales and other managers keep their teams focused on the right things. Our flagship product, Contest Builder, is a salesforce.com app that gives companies new ways to … Continue reading “LevelEleven Obtains $2,000,000 New Funding Round”
Roundup: Motozuma Opens Detroit Office, WSU Student Ventures Snag Funding
A few items to catch up on around town: —Motozuma has reportedly opened up an office in Detroit. The Naperville, IL-based startup allows users to set up free online savings accounts where they can put money towards a new car and invite friends and family to help contribute. Motozuma users are rewarded for their savings … Continue reading “Roundup: Motozuma Opens Detroit Office, WSU Student Ventures Snag Funding”
HiredMyWay Shifts Model to Serve Employers Instead of Job Seekers
When we last caught up with the Detroit-based startup HiredMyWay in April 2012, CEO Matt Mosher said the company had roughly 20,000 job seekers paying a premium to guarantee that their resumes would be read by hiring manager. The company also had plans to expand into five additional markets: New York, Los Angeles, San Francisco, … Continue reading “HiredMyWay Shifts Model to Serve Employers Instead of Job Seekers”
Flud Co-Founder Says News Platform Is Closing Down Aug. 8
Flud co-founder and CEO Bobby Ghoshal sent an e-mail around to users and supporters yesterday announcing that the company had decided to “wind down” operations. Starting Aug. 8, Flud’s social news aggregation platform will no longer be in service. In the e-mail, Ghoshal wrote, “Flud managed to capture the hearts of millions of you all … Continue reading “Flud Co-Founder Says News Platform Is Closing Down Aug. 8”
ChoreMonster Secures $1,500,000 New Financing Round
Feed Type Link http://www.venturedeal.com/Search/SearchResultTransactionDetail.aspx?TransactionId=e4e894fb-e43c-46c1-ba2d-d5d0f2a91357 Date 7/31/2013 Company Name ChoreMonster Mailing Address 1401 Central Pkwy Cincinnati, OH 45214 Company Description ChoreMonster combines digital gaming with a Web-services facet through a suite of mobile and Web applications that allows parents and children ages 6-12 to collaborate interactively to complete household tasks. Parents assign real-life rewards for completing … Continue reading “ChoreMonster Secures $1,500,000 New Financing Round”
Commentary: Bankruptcy Won’t Stop Detroit’s Innovative Entrepreneurs
On Wednesday, the city of Detroit celebrated its 312th birthday. Incidentally, that makes it older than the United States itself by 75 years. A city doesn’t endure for more than three hundred years (and sometimes thrive, lest we forget the 20th century) without a little grit, a lot of innovation, and an abundance of the … Continue reading “Commentary: Bankruptcy Won’t Stop Detroit’s Innovative Entrepreneurs”
Detroit’s UpTo Pivots, Completes a $2 Million Series A Round
UpTo, the Detroit-based startup that launched a social calendar app last year, announced last week that is has completed a $2 million Series A round and has pivoted to add new features as well as a business-to-business component. “UpTo is now a full calendar with social networking instead of the other way around,” says founder … Continue reading “Detroit’s UpTo Pivots, Completes a $2 Million Series A Round”
State Officials, Entrepreneurs Sell Michigan to National Media
On Friday, MLive reported that Xconomist Mike Finney, president and CEO of the Michigan Economic Development Corporation, Detroit Venture Partners‘ Jake Cohen, and Rick DeVos, heir to the Amway fortune and founder of Start Garden, traveled to New York City to sell the story of Michigan’s comeback to reporters from national outlets such as the … Continue reading “State Officials, Entrepreneurs Sell Michigan to National Media”
Balanon Leaves Detroit Labs for Protean Payment
Last Friday morning, Xconomist Henry Balanon, co-founder and director of mobile at app development shop Detroit Labs, sent an e-mail through the Madison Building, Detroit Labs, and Bizdom e-mail lists telling respondents that, effective at the end of the workday, he was leaving the company he co-founded: “This has been an incredibly difficult decision because I’ve … Continue reading “Balanon Leaves Detroit Labs for Protean Payment”
Bay Area’s TubeMogul Opens Detroit Office to Pursue Automotive Ad Dollars
TubeMogul, a Bay Area startup that runs a platform distributing pay-per-view video ads across the Internet, announced earlier this month that it is opening an office in downtown Detroit. TubeMogul joins companies like Twitter in setting up shop in Dan Gilbert’s Madison Building and deploying new technologies to chase Big Three ad dollars. TubeMogul’s Jen … Continue reading “Bay Area’s TubeMogul Opens Detroit Office to Pursue Automotive Ad Dollars”
Quikly: Part Daily Deal, Part Flash Sale, All Growth
Back in February 2012, Xconomy profiled Shawn Geller, the founder and CEO of the startup Quikly (though back then it was called Quikkly). Geller had come to Detroit from Philadelphia to build his company at the Madison Building alongside a growing number of tech startups. Geller said at the time that Detroit wasn’t a place … Continue reading “Quikly: Part Daily Deal, Part Flash Sale, All Growth”
Venture Funding in Detroit Down in Q1, Still Higher Than 2011
According to MoneyTree data released today, first-quarter venture funding in southeast Michigan was down compared to the first quarter of 2012, though the deal count rose by one. Compared to last year, funding in Q1 2013 was down by almost two-thirds, with venture capitalists investing $17.6 million in 13 deals. However, 2012 was a record-high … Continue reading “Venture Funding in Detroit Down in Q1, Still Higher Than 2011”
Wayne State’s Warrior Fund Invests in Four Student Ventures
Late last month, student-run startups from the Blackstone LaunchPad incubator gathered for pitch competition on the campus of Wayne State University (WSU). The startups were able to pitch for up to $5,000 in funding from the Warrior Fund, WSU’s pre-seed fund to support student tech startups. Blackstone, which operates on the campuses of WSU and … Continue reading “Wayne State’s Warrior Fund Invests in Four Student Ventures”