May 30, 2007

Crain\'s reports new venture fund raising $10 million

Officials of a new Detroit-based venture-capital fund say they will start fundraising in June and hope to raise a minimum of $10 million in the next six months, eventually targeting a maximum of between $20 million and $30 million, Crain\'s Detroit Business\' Web site reported Tuesday. The TechTown Venture Fund will be a partnership with Wayne State University. It will focus on early-stage WSU spin-offs and on tenant companies of the TechTown business incubator and technology park near campus, but it will also invest in other companies.

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