Report: 1,322 Michigan angels invested $73.6 million

ANN ARBOR—The Michigan “angel investor” community released its 2019 annual research report, showing an increase in the number of angel investors and the amount they invested in Michigan startups last year.

“Since we started publishing this report in 2017, angel activity across Michigan has steadily increased,” said Skip Simms, Michigan Angel Fund managing director and senior vice president of Ann Arbor Spark, the economic development agency for Livingston and Washtenaw counties.

“Our inaugural report discovered 797 angels in Michigan, who invested $41.9 million in startups here,” Simms said. “This past year, that number swelled to 1,322 angels who invested $73.6 million in Michigan companies. This activity is a testament to the quality of businesses originating here and the support they receive to nurture their long-term growth.”

Key findings include:

  • There were 1,322 angels who invested in Michigan companies in 2019.
  • Angels invested $73.6 million in Michigan companies.
  • A total of 106 companies received angel funding.
  • Of the companies that received angel funding, 23 were women-owned and 24 were minority-owned.
  • The companies that received angel funding employed more than 950 people.
  • These Michigan companies attracted total investment of $226.6 million last year, which includes venture capital on top of the angel dollars.

While the majority of companies to receive angel funding were information technology businesses, life sciences companies received more investment dollars. Angels invested $21.7 million in 51 IT companies and $29.6 million in 31 life sciences companies. Of note, life sciences surpassed IT in total investment dollars raised, attracting $118.8 million compared to IT’s $54.5 million.

Michigan angels invested $12.7 million in 11 advanced materials and manufacturing companies, $6.4 million in seven consumer product companies, and $3.3 million in six mobility companies. Companies from these industries attracted total investment of $66 million in 2019, which includes VC in addition to angel dollars.

The Michigan Angel Community’s annual report includes only angel activity in the high-tech sector. Angel investment in traditional, non-tech businesses—real estate, retail, professional services, and restaurants—are not included in this report.

To view the full report, visit .

The Michigan Angel Community is an initiative to accelerate the growth of angel activity in Michigan as well as investment into Michigan companies. The Michigan Angel Community educates and expands the base of angel investors in Michigan, holds statewide events and programs, and fosters greater collaboration, affiliation, and social engagement among angels. It is supported by the William Davidson Foundation.

More about Ann Arbor Spark at

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