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Farmington Hills, MI 48334



Charlie Rothstein

Charlie Rothstein is the senior managing director and co-founder of Beringea, Michigan's largest venture capital firm.

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Beringea is an international venture capital and investment banking firm dedicated to finding, funding and nurturing exceptional companies in growth industries. Founded in 1988, the firm currently has more than 60 portfolio companies in a range of emerging sectors, including media, health care and life sciences, Internet technologies, advanced manufacturing, clean tech and specialized consumer goods.


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Dexter's ReCellular snags VC investment from Beringea

More venture capital is flowing into Washtenaw County, with the latest deluge of cash going to ReCellular in Dexter.Beringea, Michigan's largest venture capital firm, invested an undisclosed amount of money into the cell phone recycler. The money, from Beringea's InvestMichigan! Growth Capital Fund, will help ReCellular expand globally."We're supplying a lot of refurbished phones to our domestic markets," says Mike Newman, vice president of marketing for ReCellular. "We want to better connect with our international markets."ReCellular employs 300 people, with 280 in Michigan. About 50 employees work in Ann Arbor, with the rest at its main Dexter facility. The company has hired about 25 people over the last year, has a handful of open positions today, and expects to keep hiring for the foreseeable future.The 19-year-old firm collects more than 400,000 cell phones a month and processed about 5 million of them last year. Approximately 70 percent of those phones are refurbished and resold. The remaining electronics are recycled for the precious metals. Data from the refurbished phones is deleted and the recycled phones are broken down and reused, keeping 1.6 million pounds of toxic material out of landfills."We're really focused on taking these used phones, cleaning them up, and putting them back into our customers' hands," Newman says. "That has been an important part of our growth."This is the 17th investment from the InvestMichigan! Growth Capital portfolio. The State of Michigan Retirement System put $300 million into the fund, which is evenly divided by Beringea and another company. Beringea has grown its initial $150 million fund to $185 million today. It is aimed at investing in growing Michigan-based companies. Other Ann Arbor firms, Sakti3 and Accuri Cytometers, have also received investments.Source: Beringea and Mike Newman, vice president of marketing for ReCellularWriter: Jon ZemkeRead more about Metro Detroit's growing entrepreneurial ecosystem at SEMichiganStartup.com. read on…

Beringea's investments in green tech and smart phone accessories gain momentum

Last week was a healthy one for Beringea and its Michigan-based portfolio. The state's largest venture capital firm invested in a smart phone accessory company and received subsequent backup for one of its previous green-tech investments in Ann Arbor-based Sakti3. GM Ventures, the VC arm of General Motors, led a $4.2 million investment round in Sakti3, contributing $3.2 million. Beringea had funded the University of Michigan spin-off earlier this year along with Silicon Valley-based Khosla Ventures. "We're really pleased," says Jeff Bocan, managing director of Beringea. "It's excellent validation. They're moving forward at a fast pace. Faster than we expected."The Farmington Hills-based company also made an unspecified infusion into mophie from its InvestMichigan! Growth Capital Fund. Mophie is a Paw Paw-based company that designs and manufactures accessories for smart phones. One of its principal products is a protective case that improves the battery lives of iPhones. Beringea's investment is expected to help fund development of future products and also bolster the company's marketing efforts."We're excited about a lot of what they're doing," Bocan says. "They're making smart phones more useful."Source: Jeff Bocan, managing director of BeringeaWriter: Jon Zemke read on…

InvestMichigan! VC fund pumps $96 million into Michigan companies

The InvestMichigan! Growth Capital Fund is putting up some impressive numbers these days. It has invested $95.78 million in 20 Michigan-based companies which employ 2,800 people.That list of companies reads like a who's who of promising start-ups, including Ann Arbor-based Accuri Cytometers, Salon Grafix of Auburn Hills, and InTouch Health. That last company is moving from California to Michigan, thanks in part to that investment."It's evidence that there is a vibrant, emerging economy taking shape," says Charlie Rothstein, founder and senior managing director of Beringea. The Farmington Hills-based venture capital firm, the largest in Michigan, is co-managing the InvestMichigan! Growth Capital Fund with Credit Suisse's Customized Fund Investment Group.The fund is made up of institutional investors such as the State of Michigan Retirement Systems and Municipal Employees Retirement System of Michigan. The fund invests in early stage and mature companies that are either headquartered in or moving to Michigan, or have a significant workforce in the state.So far about 46 million, or 40 percent, of the total program capital has been allocated or reserved. The fund has proven to be quite popular with local start-ups, having received applications for 846 potential investments in August alone.Source: Charlie Rothstein, founder and senior managing director of BeringeaWriter: Jon Zemke read on…
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