DFJ network partner Draper Triangle is opening up offices in Michigan
Draper Fisher Jurvetson (DFJ) is opening up an office in Detroit through their Draper Triangle Ventures division. DFJ is doing their due diligence in the state of Michigan right now. Draper Triangle Ventures is DFJ’s Midwest-based network partner and serves high-tech startups in Pennsylvania and Ohio.
Draper Fisher Jurvetson has raised around $75 million of a $100 million fund. Draper is expected to announced the fund tomorrow. The company is also hoping to select a downtown location within the next week and will be opening a satellite office in Ann Arbor.
Jonathan Murray, a managing partner at Early Stage Partners will be moving to Draper’s Michigan office.
Draper Triangle has over $200 million currently under management across their three funds. DFJ as a whole has raised over $2.8 billion for their 10 funds and invested in over 400 early-stage companies. The company has established affiliates with over 16 VC firms in 30 cities. That network has $7 billion under management.
Draper Triangle invests in early-stage companies that are starting to generate revenue and generally acts as an institutional partner in a Series A round. The company invests more and brings in co-investors as the development targets are met.
Draper Triangle currently has 8 portfolio companies in Ohio, 8 in Pennsylvania, and 1 in Michigan.
[Source: Crains Detroit.com]This article was written by Amit Chowdhry. You can follow me at @amitchowdhry or on Google+ at +AmitChowdhry