Michigan Capital Network adds BlueWater Angels to its network

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Paul D’Amato. Courtesy Michigan Capital Network

Michigan Capital Network expanded its association with the addition of another investing group.

Grand Rapids-based Michigan Capital Network (MCN) said Tuesday, Nov. 30, it added Saginaw-based BlueWater Angels to its network. The move extends MCN’s statewide reach to mid-Michigan, including Midland, Bay City and Saginaw.

Since its inception in 2008, BlueWater Angels has engaged more than 50 investors and invested more than $21 million in 34 companies. The addition of BlueWater brings MCN’s total angel fund investments under management to more than $50 million.

“We are extremely pleased to have the BlueWater Angels join our statewide association,” said Paul D’Amato, CEO of Michigan Capital Network. “The financial success and economic impact of this group is exceptional, and we look forward to working with their leadership to further enhance business growth in our state.”

Globally, venture funds have raised more money in the first half of 2021 than ever before, and if this pace continues, it will pass the all-time high of $136 billion set in 2018, MCN said. MCN is experiencing a similar growth trend. The association invested more than $5.5 million in early-stage Michigan ventures in the first eight months of 2021, representing a nearly 20% increase over the total annual investment in 2019.

LeLand Richards. Courtesy Michigan Capital Network

“We have long admired the success and effectiveness of the angel investing groups in MCN,” said Leland Richards, director of BlueWater Angels. “Joining this statewide investing association brings more insight and resources to our members and the companies we support.”

BlueWater joins Grand Angels, Ka-Zoo Angels, Woodward Angels and Flint Angels as members of Michigan Capital Network. MCN seeks to achieve solid returns for its investors and members while supporting new, innovative technology companies in Michigan and the Midwest. Combined, the association has more than 160 active members with investments in 76 companies in its portfolio. More than 1,500 jobs have been created through those investments.

More information about Michigan Capital Network and its regional angel investing groups is available here.

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