Fewer Wisconsin startups raised investment dollars last year than in 2016, according to a recent report from the Wisconsin Technology Council.

The total amount of capital raised also dropped compared to last year, but both numbers represent “a return to normalcy” according to a Tech Council release. That’s because 2016 was a record year for the state in terms of investment activity.

More than $231 million was raised by 127 companies in 2017 — lower than the $276 raised in 2016, but still the second-highest amount on record by the Tech Council’s count. Early stage investments accounted for $128.3 million in 2013, $218.8 million in 2014 and $209.5 million in 2015.

“This may just be a temporary case of investor fatigue. The increased activity these past five years may be catching up to investors,” said Tom Still, president of the Tech Council. “A lot of companies have secured a lot of capital. While many of them may be successful and growing, not many of them have had the successful exits Wisconsin needs to get new and existing investors excited and active.”

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