The Michigan Pre-Seed Capital Fund Invests $600,000 In Three Tech StartupsBY: Lindsay ONeal | July 18, 2012
The Michigan Pre-Seed Capital Fund recently announced that it has invested $600,000 in three tech startups: Larky, Flocktag, and FreeStride Therapeutics.
Larky is developing mobile apps that help consumers to maximize available discounts by enabling them to set and manager discount alerts for retailers, membership organizations, loyalty programs, and coupons from local businesses. Ann Arbor, Michigan-based FlockTAG is developing a universal customer mobile loyalty program for quick service restaurants that provides incentives for purchases at local businesses, which creates a cross promotional platform with customized deals. FreeStride Therapeutics is developing therapies for treatment of bone-related conditions.
“Receiving investment from the Pre-Seed Capital Fund has helped Larky accelerate our growth in several meaningful ways,” said Gregg Hammerman, co-founder of Larky in the investment’s press release. “The funds are helping us build our team with the recruitment of technical and business development hires. This funding is also helping us include more perks from associations like AAA, Blue Cross, Costco and hundreds more in Larky so our users can have a fun and free way to make sure they get every discount and benefit they deserve.”
Michigan Pre-Seed Capital Fund, which to date has awarded 75 Michigan companies with seed funding totaling more than $16.5 million, invested $250,000 in both Flocktag and Larky, and $100,000 in FreeStride Therapeutics.
Supported by a consortium of Michigan SmartZones, and the MEDC, and funded by the Michigan Strategic Fund, The Michigan Pre-Seed Capital Fund supports high-tech startup companies as they near commercial viability through early stage capital investment or micro loans to accelerate company development ranging $10,000 to $50,000. Its portfolio companies have attracted more than $22 million in matching grant and equity funds and its investments have created more than 120 jobs in Michigan. Ann Arbor SPARK serves as the Fund’s administrator.