Despite economic uncertainty in the second half of its fiscal year, the state-sponsored Badger Fund of Funds had one of the most active years for investment activity among its portfolio of five Wisconsin venture capital firms that back Wisconsin startups.

As of June 30, those funds have invested $12.5 million into 34 different Wisconsin startups, including eight new companies during the fiscal year ending June 30, according to the Badger Fund’s annual report filed Oct. 27. Those startups have collectively raised an additional $54.4 million from other sources, resulting in a 4.3x investment multiplier, according to the report.

“We are highly encouraged by the pace of investment activity, especially in light of market uncertainty and a broader market pull back in private market investing,” the fund’s managers Brian Birk and Ken Johnson of Sun Mountain Kegonsa LLC wrote in the report. “While the portfolio has begun to display early positive trends, the future remains uncertain and market conditions may continue to deteriorate.”

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