Together, we’re fueling the creation and success of Wisconsin startups.

Amplified Efforts

The Wisconsin Investment Fund is seeded with $50 million from the federal government State Small Business Credit Initiative program. The Fund provides a source of venture capital for strategically selected seed and early-stage venture funds and fund managers for investment in start-up companies in Wisconsin. The fund managers raise private equity capital that matches the WEDC capital on at least a one-to-one basis, amplifying the impact of Wisconsin Investment Fund capital.

Catalyzed Ideas

The selected venture fund managers will select startups for investment, with added venture capital to help these entrepreneurs take their ideas from concept through commercialization.

Successful Startups

Because of the one-to-one match, fund managers will have more venture capital to help ensure the continued success of their selected startups, with a ripple effect of economic impact including job creation.

Economic Impact

The Wisconsin Investment Fund will take its ROI and reinvest it into the next generation of startups, creating a growing source of capital to fuel future innovation. In the next decade, WEDC expects to leverage more than 10 times the initial investment in subsequent private capital.

The Process

1. READ BIOS
Read the fund manager bios listed below to find the one that seems like the right match for your startup.
4. BEGIN FUNDING
In return for funding, venture capital firms receive an equity stake in each startup. They also receive a WEDC-paid annual fee for their discerning investment of our capital.
3. AWAIT REVIEW
Venture capital fund managers will review hundreds of potential startup investments. The process from review to funding can take at least six months if your company is chosen for investment.
2. CONTACT MANAGER
Directly contact that venture capital fund manager to inquire about funding.

1

READ BIOS

READ BIOS

Read the fund manager bios listed below to find the one that seems like the right match for your startup.

2

CONTACT MANAGER

CONTACT MANAGER

Directly contact that venture capital fund manager to inquire about funding.

3

AWAIT REVIEW

AWAIT REVIEW

Sit tight as venture capital fund managers review hundreds of potential startup investments. The process from review to funding can take at least six months if your company is chosen for investment.

4

BEGIN FUNDING

BEGIN FUNDING

In return for funding, venture capital firms receive an equity stake in each startup. They also receive a WEDC-paid annual fee for their discerning investment of our capital.

WEDC’s Venture Capital Fund Manager Partners

HealthX Ventures is a digital-healthcare-focused venture capital firm based in Madison, Wisconsin. It invests in innovative companies making healthcare safer, more efficient, and more affordable.

Venture Investors is a healthcare-dedicated venture capital firm based in Madison, WI and Ann Arbor, MI. It’s focused on commercializing early-stage biomedical innovations developed in world-class research universities of the Midwest, with a special emphasis on Wisconsin innovation.

Serra Ventures is a Midwest-focused venture capital firm based in Champaign, Illinois. It provides early-stage, emerging, and growth-stage venture capital to agriculture-focused technology companies sourced primarily from emerging Midwestern technology centers and selected other geographies.

NVNG Ventures is a general technology-focused venture capital firm located in Madison, Wisconsin. It’s stated mission is to help make Wisconsin’s startup ecosystem globally competitive by creating more connections and building stronger networks with the venture capital industry.

Idea Fund of La Crosse invests across a wide range of diverse technologies, industries, and locations, with focus on software, B2B and general technology companies. It’s committed to partnering with startup companies at their earliest stages of life, shepherding those companies though the business funding and business development stages of growth, and assisting in their development of a long-term business and strategic plan for sustained success.

Tim Hoerr CEO/Managing Partner, Serra Ventures

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Mark Bakkan Managing Partner, HealthX Ventures

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David Arnstein Chief Financial Officer, Venture Investors

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Carrie Thome Managing Director, NVNG Investment Advisors

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Jonathon Horne Managing Director, Idea Fund of La Crosse

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Frequently Asked Questions

What is the mission of WEDC’s Wisconsin Investment Fund?

This $50 million investment pool is dedicated to fueling innovative small businesses that will boost Wisconsin’s economy.

How was the Wisconsin Investment Fund established?

The Wisconsin Investment Fund’s initial capital is made possible by a grant from the U.S. Department of the Treasury’s State Small Business Credit Initiative (SSBCI) .

How much is WEDC investing in startups?

WEDC has been allocated $50 million from the Department of Treasury under the American Recovery Plan Act of 2021 to fund startup company efforts within Wisconsin. This capital is being matched at least equally by other private capital, making a total of $100 million available to startups in the state.

How is WEDC choosing its investments?

WEDC is partnering with experienced venture capital firms to make venture capital investments on our behalf in the state. These venture capital firms in aggregate will invest across the state in a wide variety of industries and economic sectors.

How does an entrepreneur seek funding from the WEDC venture program?

Entrepreneurs can email WEDC’s venture partners at the email addresses provided on this website, or you can contact WEDC’s venture investment team at investmentfund@wedc.org to discuss your investment needs.

How long does it take to receive venture capital from the WEDC program?

WEDC’s venture capital managers evaluate hundreds of potential investments each year but are only able to fund a limited number of them. The venture managers perform extensive due diligence review of each entrepreneur and investment opportunity, with the length of time required varying based on the details of each opportunity. Successful funding of an entrepreneur may take six months or more.

Are entrepreneurs charged a fee to receive WEDC venture funding?

There are no fees charged to entrepreneurs for evaluation of their business opportunity or its funding. The capital pools operated by the venture capital managers receive an equity stake (partial ownership) in the company in exchange for providing their venture capital and advice to the company. WEDC pays an annual fee to the venture company for investing our capital in alignment with our goals and objectives.

Are there additional resources for startups trying to secure funding?

Wisconsin Venture Capital Association: https://wisconsinvca.org

  • A non-profit trade organization designed to encourage investor participation and collaboration in Wisconsin’s entrepreneurial ecosystem.

Wisconsin Technology Council: https://wisconsintechnologycouncil.com

  • Holds multiple events around the state focused on tech-based startups.

BrightStar Wisconsin: https://brightstarwi.org  

  • A non-profit venture capital fund focused on making investments in Wisconsin-based companies.

BizStarts: https://BizStarts.com

  • A Milwaukee-based advisory and mentorship group for entrepreneurs.

Milwaukee Venture Mentoring Service: https://mmac.org/mkevms  

  • A mentoring program for high-growth, scalable startups in the Milwaukee region, that supports entrepreneurs in accelerating growth.

UW-Madison Office of Business Engagement: https://obe.wisc.edu

  • Connects industry with the research, talent and solutions of UW–Madison, one of the world’s top universities, to achieve their goals, build relationships and make an impact.

MKE Tech Hub Coalition: https://mketech.org

  • A nonprofit organization that spurs innovation and accelerates efforts to create a diverse and inclusive workforce to match the ever-growing demand for tech workers. Its membership includes 135 organizations that span corporate, non-profit, education, and community.

National Venture Capital Association: https://nvca.org

  • A nonprofit association that convenes venture capital investors, entrepreneurs, and industry partners to shape public policy priorities, develop new industry initiatives, provide premier research, and participate in professional development opportunities with their peers.

Pitchbook: https://pitchbook.com

  • The leading resource for comprehensive data, research and insights spanning the global capital markets, provided through a dynamic, paid online platform.

Have a question that’s not covered in our FAQ?

Contact WEDC’s Entrepreneurship and Innovation team.

Have a question that’s not covered in our FAQ?

Contact WEDC’s Entrepreneurship and Innovation team.

Resources for Entrepreneurs, Startups, and Small Businesses

Innovator

Innovate in Wisconsin

Learn about market research tools, educational resources, and funding opportunities available through WEDC. See Resources
small business owner

Start In Wisconsin

Access a directory of entrepreneurial resources and a calendar of events from the Institute for Business & Entrepreneurship at the University of Wisconsin. Access Network
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Small Business Development Center

Take advantage of the University of Wisconsin’s no-cost consulting and business education for entrepreneurs and business owners. Visit the Center