Michigan Pre-Seed Fund
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The Michigan Pre-Seed Fund 2.0 (MPSF 2.0) is a $6.8 million fund aimed at supporting early stage high tech companies by making investments in opportunities originating from technology innovation in Michigan Universities and in pre-seed and seed stage investments. The MPSF 2.0 supports high tech start-up companies as they near commercial viability by providing access to early-stage capital, accelerating company development. As a central fund to the Michigan SmartZone Network, these funds are designed to support this critical stage in the development lifecycle to prepare companies for follow-on private investment.
The MPSF 2.0 offers equity or convertible debt investments, depending on the stage of the company and the co-investors participating in the financing. The three types of investments include Micro-Investments of up to $25,000; Pre-seed Convertible or Equity Investments of up to $150,000; and, Follow-on Investments of up $150,000.
A company should contact their local Michigan SmartZone, such as Ann Arbor SPARK, to learn more about the Michigan Pre-Seed Fund 2.0 and to discuss their financing strategy and other financing options. Ann Arbor SPARK, or your local SmartZone, should review your information prior to submission. If you have been working with an investor who is recognized by the Fund, have them review your information as well. If your company is considered for an investment, a reference letter is required from Ann Arbor SPARK, or your local SmartZone.
The next step in the process is to send us the following six items of information:
1. Proof of co-investment (Signed term sheet, signed copy of note or stock issuance)
2. Executive Summary / Business Plan
3. Investor Pitch Deck
4. Capitalization or ownership table
5. Financial Statements (Fiscal year end and current year to date)
6. Company contact information
An outline of a comprehensive Executive Summary is provided under Resources. The investor pitch deck may be submitted via Powerpoint, Keystone or Prezi, should be comprehensive and not just superficial , and include a technology demonstration or a link to a website demo. The source and amount of matching investor funds should be documented in the form of a letter or a term sheet that is signed.
Once your documents have been received, their team will do their best to review the information within two weeks and provide feedback. If your proposal matches the investment criteria, the company’s team will be invited to make an in person presentation. Your presentation should follow the outline of the Executive Summary but provide greater detail. Topics should be covered within 40 minutes, and you should allow an additional 20 minutes for questions.
Contact Ann Arbor SPARK or your local SmartZone for more information.