A forthcoming state budget proposal to create a new $75 million venture capital fund of funds could lead to a total of $300 million in new VC funding becoming available for Wisconsin startups.
During next week’s meeting of the state’s Joint Finance Committee, Rep. Bob Wittke, R-Racine, will make a budget motion to create the Forward Wisconsin Fund. He says this $75 million, one-time investment in Wisconsin startups is necessary to make sure the state remains economically competitive.
“The Badger Fund of Funds has been a success for Wisconsin venture capital,” said Wittke in a statement. “As we head into an age of greater technological development we must invest in new businesses that will grow Wisconsin and keep us on the cutting edge for business ventures of all kinds. As I look at our neighboring states and how they may be investing I recognize that now is our time to use one-time money to establish the Forward Wisconsin Fund to invest in new ventures, new companies, and new ideas for generations to come.”