WI: $100 Million Wisconsin Investment Fund Will Focus on Tech, Biohealth Startups

Gov. Tony Evers was joined by Secretary Missy Hughes of the Wisconsin Economic Development Corp. and others last week in announcing the creation of a $100-million, public-private investment fund focused on emerging businesses in Wisconsin.

The fund, which will have an emphasis on venture capital investments in rural and other underserved parts of the state, will combine $50 million from the U.S. Treasury and its State Small Business Credit Initiative and $50 million from private funds selected through a vetting process within WEDC.

Five of six recipient funds have been selected. They are:

• HealthX Ventures, Madison, $15 million. HealthX invests largely in the digital health sector but also in other health-care innovations.
• Venture Investors LLC, Madison, $12 million. Venture Investors invests primarily in health care innovation, such as therapeutics, medical devices, health IT and diagnostics.
• Serra Ventures, Champaign, Ill., $7 million. Serra Ventures invests nationally, especially in the agriculture and food technology space. Some past Serra investments have been in Wisconsin companies.
• NVNG, Madison, $6 million. NVNG (short for “nothing ventured, nothing gained”) invests broadly in Wisconsin tech sectors.
• Idea Fund of La Crosse, $5 million. Part of the Badger Fund of Funds network, the Idea Fund of La Crosse invests broadly in the Upper Midwest in sectors such as information technology, health IT, data analytics, supply chain, agriculture, manufacturing and financial services.

A sixth fund yet to be selected would account for the remaining in $5 million in public dollars. All 50 states received varying amounts through the SSBCI program.