Wisconsin startup funding dips in 2024 but deal size hits decade high

Wisconsin’s early stage companies raised a combined $374.1 million in 2024 across 92 deals, according to the Wisconsin Technology Council’s newly released Wisconsin Portfolio. While the total marked the state’s lowest since 2018, the median deal size reached $1 million, the highest in more than a decade.

The average deal size was just over $4 million, influenced by a small number of large transactions. The top 10 deals accounted for 70% of all capital raised, led by Madison-based Elephas Biosciences with a $55 million round.

Regional leaders
South Central Wisconsin, anchored by Madison, dominated the state’s funding landscape in 2024, raising $228 million across 46 deals, 61% of all capital. Southeast Wisconsin, including the Milwaukee area, followed with $130 million raised across 39 deals. All other regions combined brought in just over $15.5 million.

Milwaukee’s role
Several of the largest Southeast Wisconsin raises came from Milwaukee-based companies, including:

• Rivermark Medical – $32 million (two funding rounds)
• Sift Healthcare – $20 million
• RAIC Labs (Synthetaic) – $15.9 million
• zizzl Health – $11.21 million
• 7Rivers – $6 million

Together, these five companies brought in more than $85 million in 2024, underscoring Milwaukee’s growing presence in the state’s startup ecosystem, particularly in healthcare, data analytics and AI-driven technology.

Sector strength
Healthcare led the way with $247.8 million across 41 deals, representing 66% of all capital raised. Within the sector, healthcare IT, diagnostics and medical devices were the most active subsectors.

Information technology ranked second, attracting $97.5 million across 28 deals, 26% of the total, led by e-commerce, cybersecurity and business intelligence companies. Advanced manufacturing, energy, agriculture and consumer products accounted for far smaller investment totals.

While total investment was down from $490 million in 2023, the rise in median deal size suggests a growing maturity among Wisconsin startups, with more companies securing meaningful growth rounds.