SOUTHFIELD — Venture capital investment in Michigan through the third quarter increased slightly from the 2017 level but was still well below the all time record of 2015, according to a new report from PitchBook Data Inc. and the National Venture Capital Association.
The state recorded $389.9 million in venture deals through September, up from $368.2 million a year earlier. The all-time record was $508.7 million, set in 2015.
The number of deals fell to 79, from 99 a year earlier. 2015 was also the record year here, with 131 deals in the quarter.
In just the thurd quarter, VC firms invested $169.6 million in 26 deals. That’s up from $53.1 million in value in the third quarter of 2017, but down in number of deals, 30 a year earlier.
Nationally, the report found the trend is also toward fewer but larger VC deals, with 6,583 deals worth $84.3 billion nationally, down from 9,259 deals a year earlier, but up slightly in dollar value from $82.02 billion.
The top Michigan deal was $44 million for StockX Inc., which started out as a stock market for valuable athletic shoes, and has expanded into watches, handbags, and apparel.