3 VC firms raise cash, hopes despite state economy
Crain's Detroit Business - May 15, 2006 - Waypoint Ventures L.L.C. of Ann Arbor is launching a new name this month, RPM Ventures L.L.C., to reflect its contrarian market niche: old-line companies such as auto and chemical manufacturers, auto suppliers and auto dealers.
RPM founders Marc Weiser and Tony Grover say they want to be at the intersection of old and new economies.
"We saw the opportunity to leverage what the Midwest is the best in the world at. We're not trying to duplicate what Boston is doing or what Silicon Valley is doing," Weiser said.
Steve Jurvetson, a managing partner, said RPM's niche in serving old industries makes perfect sense. "It's a great idea to invest in sectors that public opinion ignores," he said. "The premise that innovation is needed in the auto industry is spot-on. It's a very large industry facing very large changes and that creates very large opportunities."
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