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Detroit Venture Partners
Looking to help rebuild the Detroit area through entrepreneurial fire, Detroit Venture Partners, founded by Brian Hermelin and Dan Gilbert, invests in early-stage tech companies.
FOUNDED:2010
The Weekly Notable Startup Funding Report takes us on a trip across various ecosystems in the US, highlighting some of the notable funding activity in the various markets that we track. The notable startup funding rounds for the week ending 7/24/21 featuring funding details for Miles, Dwolla, Dover, and twenty-seven other rounds that you need to know about.
From Crain's Detroit Business: Executives from a Detroit private equity firm backed by mortgage mogul and Cavaliers owner Dan Gilbert have closed on a second fund of nearly $350 million as they seek to continue capitalizing on a strong market for acquisitions. Rockbridge Growth Equity Management LP closed on the final $200 million for its RB Equity Fund II LP and the affiliated RB Equity Fund II-A. The fund launched in 2019 and has been used to make investments in four companies, including one from Cleveland.
/PRNewswire/ Rockbridge Growth Equity Management, L.P. ("Rockbridge Growth Equity") today announced that it has held a final closing on RB Equity Fund II, L..
Rockbridge Growth Equity Closes Second Private Equity Fund, at $345M
Detroit, MI-based
Rockbridge Growth Equity Management, L.P., closed RB Equity Fund II, L.P, and RB Equity Fund II-A, L.P., collectively “Fund II”, at $345m.
Fund II, which follows Rockbridge’s Fund I, a secondary vehicle that was raised in 2019, received support from include fund-of-funds, corporate and public pensions, financial institutions, consultants, multi-family offices, CEOs, founders and industry executives.
Fund II focuses on digital media & e-commerce, tech-enabled products & services, financial services and consumer services.
Fund II has already made four platform investments:
ProSites, a provider of subscription-based digital marketing solutions to community professionals such as dentists, CPAs, and other medical providers across North America;
Executives from a Detroit private equity firm backed by mortgage mogul Dan Gilbert have closed on a second fund of nearly $350 million as they seek to continue capitalizing on a strong market for acquisitions.Rockbridge Growth Equity Management LP late last week closed on the final $200 million for…