The Michigan Angel Fund, a for-profit managed investment initiative designed to attract investors to Michigan’s entrepreneurial system, today announced a $1 million fundraising round to support Holland-based Shoulder Innovations, an emerging developer of shoulder replacement systems. The investment is the ninth made by the fund, which is now fully invested.
Shoulder Innovations announced the commercial release of its total shoulder replacement system in December 2016, which includes its patented inset glenoid technology to improve stability and provide long-term surgical success.
“Doctors around the country are putting the Shoulder Innovations implant in patients today,” says Skip Simms, managing member of the Michigan Angel Fund. “The design of the product is a game changer and we believe will become the standard.”
With 130 members and 16 companies in their portfolio, Michigan Angel Fund is among the largest angel organizations in state. The fund was established by Ann Arbor SPARK, a non-profit organization dedicated to supporting business acceleration, attraction, and retention, and is supported by the Michigan Economic Development Corp. to help finance early stage companies throughout the state.