ROYAL OAK – Maureen Miller Brosnan, executive director of the Michigan Venture Capital Association, talks about the MVCA awards presented on Nov. 2, including the Above and Beyond Award for University of Michigan Finance Professor David Brophy. Brophy is the founder of the Michigan Growth Capital Symposium that attracts hundreds of investors from around the country each May.
A new wrinkle this year was the MVCA partnered with the $1 million Accelerate Michigan Business Plan competition, held on Nov. 3. The dinner was held at the Rattlesnake Club in downtown Detroit. In year’s past, the dinner had been held at St. John’s in Plymouth.
The evening’s awardees included three exceptional companies and two individuals, honored for reaching impressive milestones and making important contributions to the entrepreneurial and investment community. The winner of the MVCA “100” Award for its second $100 million fund, Detroit venture firm Fontinalis Partners, plans to continue investing in high growth companies efficiently moving goods, people, and services across all modes of transportation. “Mobility is so much more than autonomous vehicles and car service apps. It’s a huge space in which Detroit and Michigan is uniquely positioned to excel,” said Chris Thomas, partner of Fontinalis Partners.
MVCA Capital Event of the Year, Millendo Therapeutics’ $62 million Series B funding round, was Michigan’s largest healthcare transaction in 2016. MVCA members Renaissance Venture Capital Fund and 5AM Ventures helped the company reach this milestone, allowing the Ann Arbor-based biotechnology company to double the size of its team and continue clinical programs for first-in-class, disease-modifying treatments for endocrine diseases caused by hormone dysregulation. Andy Spencer, Millendo’s Vice President, Preclinical Research and Development, accepted the award and thanked the investors, whose confidence in the company helped him move his family back to Michigan from Silicon Valley.
Early stage funding from the State of Michigan, Blue Water Angels, the Michigan Pre-Seed Capital Fund managed by Ann Arbor SPARK! were critical to RetroSense Therapeutics winning the MVCA Exit of the Year Award. Acquired for $60 million by pharmaceutical giant Allergan, RetroSense developed a gene therapy designed to cure blindness for those with a retinal degenerative condition. Angel investor Terry Cross and Ken Kousky, President of Blue Water Angels, accepted the award on behalf of founder Sean Ainsworth whom he praised as having worked diligently “eight days a week” to bring sight to blind people.
The surprise of the evening, the MVCA Up-and-Coming Investor of the Year Award, was given to Evan Ufer, Partner at Plymouth Venture Partners. He thanked colleagues Mark Horne and Ian Bund for helping bring him back to Michigan and mentoring the next step of his career. “I’m honored to be part of the Michigan venture capital community and look forward to working with many of you in the future,” Ufer said.
To hear all the award winners, click on https://soundcloud.com/podcastdetroit/m2-techcast-56-mich-venture-capital-assoc
