Over the past two years, BioStar Ventures, a Michigan-based firm, has netted $68.8 million for Fund III, surpassing the combined amount raised and deployed by the firm's two prior funds, according to MiBiz.
Here are five things to know:
1. Fund III funding came from approximately 30 investors, including institutional investors, from Michigan, New York and California. Each investor put in a minimum of $1 million.
2. More than one-third of Fund III investors gave money to BioStar Ventures' prior funds.
3. BioStar Ventures raised $68.8 million in spite of the competitive environment for soliciting investors for a fund for medical devices.
4. Many investors are looking for funds involving information technology and software. These sectors are less capital intensive and have a shorter pathway to commercialization.
5. Fund III fundraising commenced in 2013. The fund has invested in five companies since its first closing in June 2013. Two of these five companies have earned U.S Food and Drug Administration approval for innovations and are moving toward commercialization.
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