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Michigan Capital Network raised $25.4 million from 45 investors for a fifth venture capital fund focusing on critical technologies for national defense in 2025. The Grand Rapids-based firm, led by CEO Paul D'Amato, aims to secure a U.S.

Small Business Administration match to double the fund size to over $50 million. It is the only Midwest firm selected by the SBA and U.S. Department of Defense for the Critical Technologies Initiative, partnering with a nonprofit in Ann Arbor to increase deal flow with vetted early-stage startups in the defense sector.