The Idea Fund of La Crosse has raised $31.5 million for a second venture capital fund. The fund targets pre- and early-stage revenue startups in the Upper Midwest and invests in diversified end markets such as agriculture, manufacturing, supply chain, and healthcare, industries which are crucial to the region’s employment base.

According to Pitchbook, the new fund – Idea Fund of La Crosse II, LP – is one of the three largest venture capital funds ever raised dedicated to investing in the three-state region. The announcement also comes as Pitchbook reports venture capital fundraising has reached its lowest level in a decade.

“In a tough market, the new funding allows us to lean in, scaling our offerings and helping our portfolio companies move even faster and farther,” said General Partner Jonathon Horne. “Challenging times can create great companies. With venture markets contracting, supporting our region’s most promising entrepreneurs is now more important than ever.”

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