Renaissance Venture Capital closes $77.5 m fourth fund

Renaissance Venture Capital has closed its fourth fund with $77.5 million of new capital.  Since it opened in 2008, Renaissance has raised over $280 million, making it the largest "fund of funds" of its kind in the United States.  Renaissance has become a role model for similar funds that have emerged in Cincinnati, Houston, and most recently Wisconsin.

Renaissance invests in top-tier venture capital funds around the county, bringing them into Michigan's vibrant startup ecosystem. It then connects those funds and their startups with major organizations looking for innovation. Startup companies are the life blood of a growing economy, and Renaissance uses its unique role to help startups connect with both potential investors and major customers. As in the earlier funds, investors in the fourth Renaissance fund include a mix of corporate, foundation, institutional and family office partners.

Chris Rizik, CEO and Fund Manager, Renaissance: "Through our Renaissance Funds, we've created a model that shows how a combination of capital and connectivity can grow the innovation economy in places like Michigan, and how by connecting innovators, investors and potential major customers, we can benefit all three groups as well as the region.  I'm especially proud of Renaissance IV, because we did most of our fundraising during the uncertain days of 2020.  Even with the pandemic, our investors still valued the innovation we brought and wanted to be part of our work going forward."

Renaissance Venture Capital has consistently focused on attracting capital to Michigan. To date, Renaissance has helped attract over $2 billion to Michigan startup companies, or over $13 for every $1 it has invested, creating important high-paying jobs (average wage of more than $80,000) in the process.

Anthony Stefani, Director of Mergers and Acquisitions, Blue Cross Blue Shield of Michigan: "We are pleased to be an investor in a fund like Renaissance that has supported innovation in areas such as health, security and technology. It also has enabled Michigan start-ups to play a bigger role in these economic sectors."

One of the most important Renaissance Venture Capital activities is its semi-annual UnDemo Day™, designed to attract capital from all over the nation into Michigan startups.  The gathering brings together hundreds of venture capitalists and connects them with 50-60 of the most promising Michigan startups.  At each UnDemo Day™, Renaissance arranges more than 500 one-on-one meetings between venture capitalists and Michigan startups. Last year alone, 15 local startups received venture funding from UnDemo Day™ introductions.  The next UnDemo Day™ is October 13 at Detroit's Ford Field.

Brad King, CEO, Orbion Space Technology: "Renaissance connected Orbion Space Technology to its Series A lead investor, Material Impact Fund, at an UnDemo Day™ event. Last month, we closed on a $20 million Series B investment round.  Renaissance's assistance with that early capital infusion through its UnDemo Day™ was an extremely important event in growing our company."

According to a recent Crunchbase report, Michigan has seen the greatest increase in venture investment of all 50 states.  VC dollars in Michigan have spiked nearly 886 percent since 2016, growing from around $300 million to about $3.1 billion last year.

Rizik says, "It has been gratifying to see not only the financial success of our work at Renaissance, but also the impact we've had in driving local economic growth, innovation and jobs. Like never before, the rest of the country is noticing the power of what is happening in the Midwest, and we believe our efforts with Renaissance IV can help to push the region to even greater heights."

www.renvcf.com