Wolverine Venture Fund to participate in Direct Flow Medical's Series C round of financing

Oct 12 2009

Wolverine Venture Fund (WVF), managed by The Samuel Zell & Robert H. Lurie Institute for Entrepreneurial Studies at the University of Michigan Ross School of Business, today announced participation in Direct Flow Medical Inc.'s Series C round of financing. Direct Flow Medical is an emerging medical device company developing a next-generation, catheter based, percutaneous-delivered prosthetic aortic valve. The company, based in Santa Rosa, California, has raised $40 million of its projected $42.5 million Series C round.

This is the second investment the WVF has made in Direct Flow Medical. The first investment was in 2005. In addition to the WVF, past investors include Johnson & Johnson Development Corp., Foundation Medical Partners, VantagePoint Venture Partners, ePlanet Ventures, EDF Ventures, New Leaf Venture Partners and Spray Venture Partners.

"Our investment in Direct Flow Medical marks another exciting event for the Wolverine Venture Fund and we're confident that our student-run team's deep experience in the medical device market will pay significant dividends beyond the infusion of capital," said Tom Kinnear, Executive Director of the Samuel Zell & Robert H. Lurie Institute for Entrepreneurial Studies and Wolverine Venture Fund Director. "This latest round will provide the critical funds that Direct Flow Medical needs to build its business, while providing our students real-world investing experience in a large and fast-growing market sector."

Celebrating ten years of investment and innovation, the $3.5 million Wolverine Venture Fund is the country's first student-led venture fund and has served as a model for other university programs over the years. Since its inception, the Wolverine Venture Fund has invested in more than 18 companies in a wide range of innovative industries such as information technology, life sciences and alternative energy.