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17 January 2018

Red Cedar Ventures brings in Wesley

Michigan State University Foundation has named Jeff Wesley as executive director for its investment subsidiary, Red Cedar Ventures.

Author: Thierry Heles, editor

Michigan State University (MSU) Foundation yesterday appointed Jeff Wesley, former chief executive of removal services provider Two Men and a Truck, as executive director of its wholly-owned early-stage venture arm Red Cedar Ventures.

Wesley’s responsibilities will include the management and growth of Red Cedar’s portfolio, which consists of MSU spinouts. He will also support companies in raising external funding.

Wesley, an alumnus of Central Michigan University, was with Two Men and a Truck from 2008 until 2017, first serving as chief financial officer before his promotion to chief executive.

Previously, Wesley served as president of dental supplies distributor Accu-Bite Dental Supply from 1991 until 2006, when he oversaw its acquisition by medical supplies conglomerate by Patterson Companies.

Red Cedar Ventures was launched in 2014 and has invested more than $2m across 21 businesses to date. Its portfolio companies have secured an additional $50m in external capital.

It operates two vehicles: a pre-seed fund and an opportunity fund, a follow-on fund that is aimed at spinouts which have already secured a VC firm or corporate venturing unit as lead investor.

David Washburn, executive director of MSU Foundation, said: "Jeff Wesley is an exceptional executive.

"At Red Cedar Ventures, we want our portfolio companies to receive the support necessary to ignite their growth and fuel their success. Jeff's track-record proves he can take entrepreneurs' ideas from vision to value creation."

Wesley added: "I am excited to do my part in helping these companies succeed. I am joining an impressive team and, together, we will continue to build successful companies and a thriving entrepreneurial ecosystem in the heart of Michigan."

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