MSU Foundation will manage the sector-agnostic vehicle, which will invest $100,000 to $250,000 in pre-seed rounds for Michigan-based businesses.

Michigan State University Foundation, the institution’s non-profit arm, has been selected to manage a $3m fund raised by regional public-private partnership Michigan Economic Development Corporation (MEDC). Pre-Seed Fund III will foster local startups through the provison of a combination of equity funding, convertible notes and grants. The vehicle is funded through the MEDC-run Michigan Strategic…

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