Capital & Finance
WTC releases annual startup funding report
The Wisconsin Technology Council (WTC) released The Wisconsin Portfolio, its annual report on the status of early-stage startup investing in 2023. The organization, which has been compiling this data since 2008, provided highlights of the report at its monthly luncheon held in Madison on July 23.
President Tom Still, along with Joe Kremer, director of the Tech Council Investor Networks, a program of the WTC, presented data regarding the 107 documented Wisconsin deals worth at least $490 million made in 2023.
The report reveals that Wisconsin’s 2023 investment data mirrors national trends. Kremer noted that he views the post-2022 dip in funding as a market correction rather than a downward trend.
Startups headquartered in the Madison and Milwaukee metro areas attracted most of the state’s investment dollars. Still predicted that broadband expansion will spur innovation in new regions.
Notably, the state excels in funding female founders, outperforming the national average. It is often noted that female founders secure less than two percent of the available venture capital funding. The 2023 data indicates that 18 percent of Wisconsin deals were led by female founders.
Panelists Gibson, Hannes and Arnstein.
A panel of investors joined the presentation to provide an additional perspective on the data. David Arnstein of Venture Investors Health Fund, Shabaka Gibson of HealthX Ventures, and Mary Hannes of Golden Angel Investors all offered insights on the report.
Investors noted that exits drive the availability of capital, and in the last two years, there have been few exits or initial public offerings (IPOs) in the startup ecosystem. Additionally, the panel noted the trend in focusing on the profitability of emerging companies rather than the rapid growth of the business.
To view the Wisconsin Portfolio, click here.
