GRAND RAPIDS – Waséyabek, an economic development company in Michigan’s Indian Country, announced that its Board of Directors has agreed to invest $5 million with Michigan Capital Network, a venture capital fund management and angel investing organization based in Grand Rapids.
Waséyabek is the 100 percent Tribally-owned holding company that manages non-gaming economic development activities of the Nottawaseppi Huron Band of the Potawatomi in Athens, Michigan. Waséyabek now has investments in 34 entities on behalf of the NHBP Tribe, encompassing more than 650 employees nationwide. Its portfolio of companies covers multiple industries including software solutions for the defense sector, propulsion design and manufacturing, healthcare technologies, transportation, environmental solutions, business advisory, professional services, facilities management, and more.
Deidra Mitchell, President & CEO of Waséyabek
“Michigan Capital Network is a trusted and talented fund management firm that is committed to investing in innovative technologies that better our world and strengthen our economy,” said Deidra Mitchell, President & CEO of Waséyabek. “Our investment with them will target key advanced technology industries. It’s also consistent with our 5-year strategic plan to grow the NHBP portfolio and provide lasting economic sustainability for future generations.”
The decision to invest follows the announcement earlier this year of Michigan Capital Network’s inclusion in a new federal investment program. The Small Business Investment Company Critical Technologies Initiative is a public-private partnership established by the Department of Defense and the Small Business Administration. The program is intended to spur investment in critical technology areas that will benefit national defense. Michigan Capital Network was one of just 18 fund management firms nationally, and the only one in the Midwest, to be selected for this new program. The Defense sector is one of Waséyabek’s defined investment verticals. This investment keeps Waséyabek and its portfolio companies at the forefront of Defense industry initiatives.
“Building long-term economic independence involves acquiring assets as well as passive investments such as this one,” said Chris Rogers, Chair of the Waséyabek Board. “Michigan Capital Network has a proven record of success and their experience in investing in advanced technology firms aligns with our economic growth strategies. We see this as a great opportunity for the NHBP Tribe.”
