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- By Brian Edwards
- Finance
Looking to deepen its role in the defense sector and gain early access to emerging technology firms, Waséyabek has invested $5 million in Michigan Capital Network, a Grand Rapids-based venture capital and angel investing firm recently selected for a federal innovation initiative.
The investment aligns with Waséyabek’s broader strategy to expand in federal contracting and diversify its portfolio with passive investments tied to long-term strategic goals. Waséyabek is the non-gaming business arm of the Nottawaseppi Huron Band of the Potawatomi.
Michigan Capital Network was one of 18 firms nationally—and the only one in the Midwest—selected for the Small Business Investment Company Critical Technologies Initiative. The program, a partnership between the Department of Defense and the Small Business Administration, is designed to steer capital toward early-stage companies advancing national security priorities.
“This fits really nicely with our federal vertical,” Waséyabek President and CEO Deidra Mitchell told Tribal Business News. “We can not only support innovation in the defense industry, but also start getting to know some of these businesses developing cutting-edge technology—potentially as future partners, acquisition targets, or service suppliers to the Department of Defense.”
Waséyabek generated $44.4 million in federal contracting revenue in 2024, part of its push to expand through both acquisitions and teaming agreements, according to Mitchell. Its largest federal win to date came earlier this year, when subsidiary Waséyabek Federal Services secured a $205 million operations support contract with the U.S. Department of Energy’s National Energy Technology Laboratory.
The firm, which generated $151 million in total revenue last year, manages a portfolio of 34 companies with more than 650 employees across industries such as defense software, propulsion, environmental services, and professional consulting. Waséyabek’s long-term goal is to grow to $1 billion in revenue by 2040, per prior Tribal Business News reporting.
The Michigan Capital Network investment was drawn from operating capital Waséyabek had already set aside for passive investments. Mitchell said it represents roughly 5 percent of the firm’s investable capital and was made as part of a broader capital raise by the VC firm.
Mitchell emphasized that while Waséyabek won’t manage day-to-day operations of the fund, the relationship opens the door to deeper ties with companies in critical technology sectors.
“Part of what we try to do is build relationships in the community—not just when there’s a deal on the table, but so we can approach opportunities together in a measured and beneficial way,” she said.
