Chaldean American Chamber Launches Ark Angel II Fund
The Farmington Hills-based Chaldean American Chamber, which represents approximately 25,000 Chaldean-owned businesses around the state, on Wednesday announced that it had launched the $5 million Ark Angel II Fund to invest in startups in Michigan and elsewhere. A news release says the fund has already identified investors for the second fund — which follows the $ 1 million first fund rolled out in late 2020 — and screening for new startup investments will begin in the coming months, according to the release.
Ark Angel’s first fund has invested in seven companies.
“Our committee has reviewed and closely analyzed literally hundreds of potential startup recipients over the past two years and is looking forward to continuing to assist these innovative companies in realizing short- and long-term goals,” Tom Haji, the Ark Angel Fund administrator, said in the release. “They join a talented roster of initial recipients that are already realizing success as we close out Fund I.”
Early-stage seed and angel investment deals were “resilient” in 2022, according to the most recent Venture Monitor report from Pitchbook and the National Venture Capital Association.
– Crains Detroit Business