NVNG Investment Advisors LLC has closed on $40 million in its first venture capital fund of funds, which is expected to boost investment in Wisconsin startups.
Investors include Wisconsin companies, including Exact Sciences Corp.
The fund has raised $40.65 million toward its goal of $200 million, according to an Oct. 22 filing with the U.S. Securities and Exchange Commission. NVNG Investment Advisors managing director Grady Buchanan confirmed the close, but declined to comment further due to regulatory constraints.
The firm also aims to move its headquarters from Madison to Milwaukee, said Buchanan, who lives in Milwaukee. The firm’s physical location is currently in the Wisconsin capital but it plans to procure a Milwaukee office next year, he said.
The investors in NVNG’s first fund include many major Wisconsin-based companies, said Victor Gutwein, managing partner of the Chicago-based early-stage venture capital firm M25, which invests in Midwest startups.
“It’s basically a who’s who of Wisconsin-based corporations,” said Gutwein, who is familiar with the fund and said he’s known Buchanan and NVNG’s CEO and managing director Carrie Thome for several years.