Description
The Michigan Angel Fund (MAF) is a for-profit, pooled, professionally managed angel investment fund established to finance early-stage companies in Michigan and strengthen the state’s entrepreneurial ecosystem. It was created with support from Ann Arbor SPARK and the Michigan Economic Development Corporation to attract additional angel capital and help startups transition from public funding to private investment
Pre-Seed / Seed: Core focus on capital-efficient early-stage companies within Michigan.
Series A: May participate in later early-stage rounds depending on growth.
Minimum checks typically start around $100K.
Typical investments range up to ~$500K, and some deals total $1M–$2M+ when combining investor participation.
Invest in companies demonstrating early market validation, scalable business models, and strong founding teams.
Start by contacting the fund through the Michigan Angel Fund website or via ecosystem partners like Ann Arbor SPARK.
Eligibility
Geography: Michigan-based companies or those with strong Michigan presence/operations are prioritized.
Profile: Early-stage startups (Pre-Seed, Seed, early Series A). Typically capital-efficient ventures ready to accelerate toward revenue or break-even.
Team: Founders with relevant expertise and ability to execute growth strategy are preferred (standard for angel funds)
Process
Initial Intake & Screening: Startup materials reviewed for fit with fund criteria (e.g., Michigan location, sector relevance, capital efficiency).
Screening & Due Diligence: Fund leadership and committee evaluate market potential, traction, and team strength.
Investment Committee Review: Decisions made by managing member and fund committee, with potential participation by all investors in due diligence.
Deal Structuring: Final terms negotiated once selected. (Standard for angel groups; specifics generally deal-by-deal.)
What an Applicant can Obtain
Strategic Capital: Equity financing from a syndicate of angel investors focused on Michigan’s startup ecosystem.
Network & Mentorship: Access to angel investor network, mentorship, and introductions through Ann Arbor SPARK and other Michigan ecosystem partners.
Follow-on Support: Ability to secure additional capital via syndication or follow-on rounds as the company scales.
