The numbers are in.  109 companies applied for funding in this round of the 21st Century Jobs Fund competition.  An astounding total of $451 million is being asked for in total.

Here’s a breakdown of the applicants:

49 Life Science companies asked for $178,666,184

This exceeded the expectations of most people we know.  Clearly some of the applicants didn’t pay attention to the fact there is only $30 million available. Green Earth Technologies from Stamford, CT is asking for $81,870,500.  Ten other companies asked for more than $10 million each.

See the entire list for yourself at http://ref.themedc.org/cm/attach/18EFD0C7-95D3-4A2F-89E4-CAE672D8ECD2/2008_21CJF_Application_Summary.pdf

In addition to Green Earth mentioned above it is interesting to note 7 other companies applying are from out of state.

Next phase is validation that all the applicants met the minimum criteria for application then they go to the NCMS for peer review.

Good luck to all.

21CJF Applicants
List of all 109 applicants for a piece of the $30 mm 21CJF pool available

There was not a slow down in deal flow for the Michigan Pre-Seed Capital Fund during the summer and it continues through the fall.

Since our last post we have made investments in these companies…

Phrixus Pharmaceuticals – Ann Arbor
Avidimer Therapeutics – Ann Arbor
Compendia Bioscience – Ann Arbor
Accord Biomaterial – Ann Arbor
Hybra-Drive Systems – Deerfield
RazorThreat – Royal Oak
Functional Brands – Detroit
Saleztrack – Troy
VENOMIX – Kalamazoo
XG Sciences – East Lansing

The total amount invested in these companies by the fund was more than $2 million.  Their cash matches exceeded $3.8 million.

We are very pleased with the industry and geographic diversity of these investments.

Several more applications are being reviewed and others are in the near term pipeline.  We anticipate having made at least 20 investments before the first anniversary of the fund.

Skip Simms, Fund Administrator