TLDR:
• Idea Fund of La Crosse has raised $31.5 million for its second venture capital fund targeting tech startups in the Upper Midwest.
• The fund will make initial investments of about $500,000 to $1 million in around 20 startups.
The Idea Fund of La Crosse has raised $31.5 million for its second venture capital fund, focusing on pre- and early-stage revenue startups in the Upper Midwest. The fund is dedicated to industries such as agriculture, manufacturing, supply chains, and health care in Wisconsin, Iowa, and Minnesota. This is one of the three largest venture capital funds ever raised for these three states.
This fundraising comes at a time when venture capital funding has decreased significantly, making it challenging for startup companies to secure capital. The new funding will allow the Idea Fund to support promising entrepreneurs in the region and help them grow faster in a tough market environment.
The fund will invest approximately $500,000 to $1 million in around 20 startups, with a focus on the Upper Midwest region. By leveraging the region’s expertise in traditional industries like agriculture and manufacturing, the fund aims to support emerging technology companies and enable them to serve customers in innovative ways.
One of the portfolio companies under Idea Fund is Golgix, a Milwaukee-based artificial intelligence software firm that helps manufacturers predict process and machine failures, ultimately preventing production delays. Golgix’s AI software provides real-time insights to executives and engineers, allowing them to make informed decisions and ensure timely order deliveries.
The Idea Fund of La Crosse believes that Wisconsin, Iowa, and Minnesota are underserved when it comes to venture capital funding. By adopting national best practices and tailoring them to the Upper Midwest region, the fund aims to support software startups in diverse end markets, reflecting the region’s employment base.
