Just read that Detroit's startup funding hit a new high last quarter

I was looking at a report from the Michigan Venture Capital Association and saw the numbers for Q1. Detroit area tech companies raised over $350 million, which is way more than I thought. It seems like a lot of that cash is going into mobility and fintech stuff. Has anyone here been part of one of those recent funding rounds?

3 comments

3 Comments

lily5717d ago

Wait, is that why my buddy's startup suddenly got a new office? He works at some fintech place downtown and last month they moved to a way bigger spot. He said they got a big cash injection but was super vague about the details. Now it makes sense if the whole city is getting that kind of money. He's been working crazy hours since, so I guess they're spending it fast.

adams.uma17d ago

Yeah I saw a piece about how that funding is supposed to go to local tech... sounds like your buddy's place is a perfect example. They probably had to show some growth plan to get the cash. Explains the new office and all those extra hours for sure.

nancyg1416d ago

Oh man, that tracks completely. I remember when my old company got funding, they blew it on the weirdest stuff. Like, we got a fancy espresso machine but the bathroom sink was still broken for months. Sounds like what adams.uma said about growth plans is spot on. They probably promised to hire ten new people and double sales by next year. So now your buddy is stuck there all night trying to make those numbers work, while management is just pointing at the new office plants.