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May 30, 2024
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Wisconsin’s $100M Fund to Boost Tech and Biohealth Startups




TLDR:

  • Wisconsin Investment Fund launched with $100 million to focus on tech and biohealth startups
  • Fund will be split between $50 million in federal funds and $50 million in venture capital firms

As the leader of a health startup, Vivek Swaminathan knows access to capital is critical. Swaminathan leads Cardamom Health, a Madison-based firm that specializes in data analytics and improving health care outcomes. Cardamom Health will be one of the first firms to receive money from the Wisconsin Investment Fund, a public-private initiative launched in Madison on May 29, 2024. The fund will start with $50 million from the federal government through the State Small Business Credit Initiative, matched by $50 million in funds from venture capital firms. The goal of the fund is to support entrepreneurs in Wisconsin to start, grow, and stay in the state, with a focus on sectors like technology, healthcare, agriculture, manufacturing, and biohealth. The fund will have a significant impact on the state’s economy, with an expected 10-to-one private-public investment ratio resulting in at least $500 million impact in the first few years of the fund. The fund is also required to target support for diverse businesses and companies in underserved areas of investment. Five venture capital firms will administer the first round of fund investments, with at least $27 million of the state’s initial investment allocated to the biohealth sector. The fund is a significant investment in Wisconsin startups and aims to accelerate research and development in key sectors to keep the state competitive in innovation and technology.


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