From the front page of Crain’s Detroit Business:
The pool of investment money available to local startups and young high-tech companies is about to get larger.
Detroit-based Great Lakes Angels has joined forces with angel groups in Toronto and London, Ontario, and with the University of Windsor to form Nouveau Angel Capital Corp., which hopes to raise $20 million to invest in early-stage companies in Southeast Michigan and southwestern Ontario.
The company has started the process of being listed on the venture exchange of the Toronto Stock Exchange and hopes to be trading by the end of the year. It grew out of a meeting the Great Lakes Angels held last June at the Grosse Pointe home of Canadian Consul General Robert Noble, whose staff was instrumental in getting the parties together and helping them navigate the rules of the stock exchange.
Nouveau’s founders think it is the first public company in the U.S. or Canada to facilitate angel investing, and so does Jim Jaffe, president and CEO of the National Association of Seed and Venture Funds.
(The inserted links are mine.)
On the Detroit side, Nouveau will target companies affiliated with TechTown, and investments range from $250,000 to $750,000 per company. The Great Lakes Angles are reconnecting with TechTown after a stint at OU Inc., the incubator at Oakland University.
I recommend reading the full article which can be found here.
–Matt
