The fund, a partnership between Macomb Community College and JPMorgan Chase, is investing $225,000 in a total of five local startups.
A venture capital partnership between Macomb Community College and financial services firm JPMorgan Chase has agreed to invest $225,000 in five startups based in the US state of Michigan.
Macomb Innovation Fund is equipped with $2.7m of funding supplied by Macomb Community College’s Strategic Fund and JPMorgan Chase that will be directed to early-stage companies in the Detroit area.
The initiative also provides Macomb Community College students with internships or learning opportunities as a condition of the funding. It has now awarded a total of $1.4m to 24 companies altogether.
The recipients of the funding include intubation device startup Brio Device, which has been awarded $100,000 through the scheme, and employee engagement platform developer VizBe, which was supplied with $50,000.
Life Magnetics, the creator of a ribonucleic acid extraction kit; Recovery Park, which is working on a venture that will provide fresh produce to local restaurants all year round; and Stridepost, developer of an online family organiser, each received $25,000.
James Jacobs, president of Macomb Community College, said: “The Macomb Innovation Fund not only contributes to southeast Michigan’s entrepreneurial ecosphere, but also directly links metro Detroit’s rising entrepreneurs and educational opportunities to Macomb Community College students.
“This real-world education provided by our region’s economic drivers positions our students and business community with a distinctive advantage.”