Steve Case, AOL co-founder and former CEO, is tripling down on middle America.
His Washington, D.C.-based venture capital fund focused on investments outside of the entrepreneur safe havens of California, New York and Massachusetts has raised another $215 million to finance startups with early-stage capital.
Case made the announcement of the Revolution III fund at Detroit Homecoming event Thursday at the Max M. & Marjorie S. Fisher Music Center in Detroit.
Ann Arbor’s Renaissance Venture Capital invested $5 million into the new Revolution fund, CEO Chris Rizik told Crain’s.
Case’s Revolution has invested in nine startups in Michigan, including four in Detroit. Earlier this year, it led a $7.5 million Series A funding round for direct-to-consumer plant shipping company Bloomscape. It participated in a 2017 funding round for e-commerce platform StockX, which achieved a $1 billion valuation following a funding round announcement at last year’s Detroit Homecoming event. It’s also an investor in Shinola/Detroit LLC