ANN ARBOR ? A technology company that started in a pole barn in Oshtemo Township in 2006 has just passed $100 million in revenue for the year 2012, making it the Michigan Venture Capital Association 100 award winner.
Mophie, which makes portable power units for smartphones and tablets, should add another $50 million in revenue by year?s end, predicted co-founder and Kalamazoo native Shawn Dougherty. Mophie also sells phone covers and accessories for smart phones and tablet computers in more than 100 countries and 18,500 retail stores worldwide. More than two-thirds are sold in the United States.
Next spring, the company will break ground on a 30,000 square foot distribution center at the Western Michigan University Business and Technology Park, followed by a second 20,000 square foot facility, Dougherty said. Once built, 15 new jobs in customer service, tech support and accounting will be generated in 2013, 17 in 2014 and 19 in 2015. Mophie has 27 full-time employees already working in Paw Paw, many of them WMU grads, but about 130 total workers including part timers. Dougherty said she eagerly anticipates the move because now everyone is jammed into small quarters on the back side of the St. Julian Winnery.
In other MVCA news, CytoPherx was honored with MVCA?s Venture Financing of the Year award. In January 2012, CytoPherx announced a $34 million funding round from a large syndicate of investors, including MVCA members Early Stage Partners, Apjohn Ventures and North Coast Technology Investors. The funds will be used to complete U.S. clinical trials and gain FDA approval to commercialize the CytoPherx inflammation modulation therapy for acute kidney injury.
Don Walker was honored with the Above and Beyond Award for his continued support of the MVCA. Walker was a founding partner of Arbor Partners, a Mich.-based venture capital firm committed to helping entrepreneurs build successful growth companies in enterprise software, communications, and Internet applications. Walker is an advisor to The University of Michigan?s Wolverine Venture Fund, a board member of MVCA and a former board member of the New Enterprise Forum.
At its annual meeting and awards dinner, MVCA also announced its 2013 board of directors. Tim Petersen of Arboretum Ventures will continue to serve as the organization?s board chair. Jeff Bocan of Beringea will serve as MVCA?s vice chair and chair elect. Jim Adox will serve as vice chair and treasurer of MVCA?s board. Other board members serving 2013-2014 are:
? Hugo Braun, North Coast Technology Investors
? Pete Farner, TGap Ventures
? Mark Horne, Plymouth Venture Partners
? Tom Kinnear, University of Michigan Ross School of Business Zell Lurie Institute for Entrepreneurial Studies
? Jon Lauckner, GM Ventures
? Chris Rizik, Renaissance Venture Capital Fund
? Skip Simms, Ann Arbor SPARK
? Jody Vanderwel, Grand Angels
? Don Walker, Arbor Partners
?It?s been an exciting year for venture capital in Michigan,? said Tim Petersen, MVCA board chair. ?The range, type and amount of deals this past year proves that interest in Michigan?s entrepreneurs is growing and that our venture community is continuing to mature. Investors recognize – and word is spreading – that funding a Michigan company can yield a terrific return.?
The MVCA is a non-profit trade organization designed to bring together venture capital industry participants in the state of Michigan. The organization?s goal is to grow and sustain a vibrant venture capital community in Michigan. Membership includes private venture capital funds, corporate venture capital funds, private equity firms, angel investors, and entrepreneurial infrastructure participants. The MVCA is a vehicle to bring together industry participants and to provide a concerted voice for Michigan?s venture capital industry.
