Following national trends, venture capital activity slowed in Wisconsin in 2023 as startups raised less VC funding.

Wisconsin startups raised $261.4 million across 93 deals in 2023, according to the latest quarterly report from PitchBook Data Inc. and the National Venture Capital Association. That’s down from $587.63 million across 109 deals in 2022, according to the latest report, which adjusted its previously reported 2022 figures.

VC funding to Wisconsin startups peaked in 2021, when companies raised $599.68 million across 113 deals, the data shows.

Nationally, startups raised $170.6 billion across 15,766 deals in 2023, down from $242.2 billion across 17,592 deals in 2022 and $348 billion across 19,025 deals in 2021, which was a record year.

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