Funding

Midwest High Growth Tech Startups To Watch 2022: Detroit
Funding, Mobility Tech, Robotics, Software

Midwest High Growth Tech Startups To Watch 2022: Detroit

Detroit continues its lead in the autonomous vehicle and electric vehicle space with new startups coming out every month to address pedestrian safety, in-vehicle AI-based connectivity, and more. As transportation, advanced manufacturing, last-mile logistics, and autonomous technologies advance, expect to see more government investment in these areas to secure Michigan’s future dominance of these markets. Detroit’s got skin in the game and is already investing in an autonomous test highway, multiple self-driving car test facilities, drone deliveries for automakers and the airport, and mobility-focused incubators to support startups across Detroit and the state.

Benzinga Acquired by Beringer Capital, Valuing at $300 Million
Funding

Benzinga Acquired by Beringer Capital, Valuing at $300 Million

Beringer Capital, a private equity firm specializing in media, marketing services, and technology, announced it has acquired a majority stake in Detroit-based crypto financial advice media outlet Benzinga for $20 million this week. Benzinga is a software-based financial media platform that delivers news, investment analytics, and market information to subscribers, and has really taken off during the recent crypto craze.

Midwest High Growth Tech Startups To Watch 2022: Detroit
Funding, Mobility Tech, Robotics, Software

Midwest High Growth Tech Startups To Watch 2022: Detroit

Detroit continues its lead in the autonomous vehicle and electric vehicle space with new startups coming out every month to address pedestrian safety, in-vehicle AI-based connectivity, and more. As transportation, advanced manufacturing, last-mile logistics, and autonomous technologies advance, expect to see more government investment in these areas to secure Michigan’s future dominance of these markets. Detroit’s got skin in the game and is already investing in an autonomous test highway, multiple self-driving car test facilities, drone deliveries for automakers and the airport, and mobility-focused incubators to support startups across Detroit and the state.

Benzinga Acquired by Beringer Capital, Valuing at $300 Million
Funding

Benzinga Acquired by Beringer Capital, Valuing at $300 Million

Beringer Capital, a private equity firm specializing in media, marketing services, and technology, announced it has acquired a majority stake in Detroit-based crypto financial advice media outlet Benzinga for $20 million this week. Benzinga is a software-based financial media platform that delivers news, investment analytics, and market information to subscribers, and has really taken off during the recent crypto craze.

Ann Arbor’s 4th Mobility Summit Offers Behind the Scenes Look at How Mobility Investment Is Changing
Funding, Mobility Tech

Ann Arbor’s 4th Mobility Summit Offers Behind the Scenes Look at How Mobility Investment Is Changing

PitchBook’s “a flurry of mobility startups going public through IPOs and SPACs through last year.” $54 billion invested despite headwinds of the pandemic. First half of 2021 even better $49.4 billion raised, over 100% over last year, putting us on track for a record year of investment for mobility. Michigan leads across the spectrum from EVs to autonomous startups (May Mobility, Refraction AI) to those disrupting services like FixMyCar and startups focused on shared mobility. $104 million so far this year invested in Michigan-based mobility startups, which has affected Michigan’s startup valuations. “What we’ve seen is overall valuations have seen an uptick in 2021, but especially this has been driven by valuation for later stage companies… up 244% compared to last year.” Angel and seed is flat year over year, and early stage are up 13%. Although Michigan-based mobility startups have a lower valuation than their Silicon Valley-based counterparts, they’re showing a similar trend.

Fontinalis Announced $104 Million Fund 3 To Invest in Mobility Startups
Announcements, Funding

Fontinalis Announced $104 Million Fund 3 To Invest in Mobility Startups

The Michigan Venture Capital Association has just announced a partnership with Fontinalis Partners to create a $104 million Fund 3 to invest in the next wave of mobility startups in the state of Michigan. This comes on the heels of multiple other news funds raised by venture capital firms around Michigan to continue the historic steep growth in investment in new tech companies around Michigan and the Midwest, which are now being hailed as some of the best cities in the nation for new startup growth and incubation.

Michigan Startup Funding News Roundup 2021
Announcements, Funding

Michigan Startup Funding News Roundup 2021

It’s been a busier than usual year for startup funding around Michigan’s growing entrepreneurial ecosystems. While nearly half the VC-funded startups in the state are located in Ann Arbor, even as of 2017, Detroit boasted a 50% increase in the number of new startups based in the city and continues on a fast track as an emerging startup hub. Here are some headlines you may have missed as Ann Arbor and Detroit’s tech and startup scene continues to grow at a record-setting pace.

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