Nearly 60 Michigan startup companies are the recipients of $3 million in relief funds via the state’s Tech Startup Stabilization Fund.
Launched in mid-April and administered by Detroit-based philanthropic venture capital fund ID Ventures, in partnership with the Michigan Economic Development Corp., the fund was aimed at supporting the state’s early-stage technology companies. The state announced Thursday that 58 companies have been awarded a mix of direct grants and loans.
“This outbreak presented unprecedented challenges for businesses of all sizes over the past three months, and we are proud to help support Michigan’s small businesses to not only survive COVID-19, but continue innovating long after,” Mark Burton, CEO of the MEDC, said in a statement. “The technologies and discoveries these small businesses are pursuing will have an invaluable impact on our ability to strengthen and rebuild our state’s economy over the coming months as we work to enable economic prosperity across all corners of our state.”
Companies receiving funds, which ranged from $10,000 to $125,000, came from all over the state and included companies in life sciences, mobility, IT, and some lifestyle brands like Detroit-based clothing company Ash & Erie.
Other local companies receiving funds through the program included Akadeum Life Sciences Inc. out of Ann Arbor, e-commerce platform MiPadrino in Jackson and mobile app MySwimPro.