MSU Foundation fund, Michigan Rise, contributes to Pocketnest's recent $1.2M total investment
Michigan Rise, a wholly owned subsidiary of Michigan State University Foundation, recently announced its Michigan Rise Pre-Seed Fund III closed investments in five companies in December and January, including Pocketnest. This investment contributes to Pocketnest's recent $1.2 total investment.
“It has been rewarding to launch the new fund and impact so many great leaders and innovative companies. We are looking forward to the success of these companies and the impact they will have on creating jobs and opportunities for the State of Michigan,” said Jeff Wesley, Executive Director of Michigan Rise. “Our team has accomplished a lot in a short time. We appreciate the support of the Michigan State University Foundation and the Michigan Economic Development Corporation. A lot of metrics to highlight but one that comes to mind is that 69 percent of our portfolio companies are led by underserved founders, a testament to Michigan Rise’s commitment to diversity and inclusion."
Pocketnest is one five recipients of Michigan Rise funds. The fintech joins Asalyxa Bio, a spinout company from the University of Michigan developing therapies for acute organ injuries; DietID, a health and wellness company whose digital toolkit reinvents dietary assessment and management; Espervita Therapeutics, a company developing metabolic reprogramming therapies for common forms of cancer; and SightLine, a suite of predictive analytic products helping higher education institutions increase operational efficiency.
Michigan Rise invests in early-stage high-growth, high tech businesses located in Michigan. The fund has invested $1.56 million in 13 companies across Michigan.
Find more information in Michigan Rise's press room.