While Wisconsin startups raised fewer venture capital dollars last year compared with the record-setting year of 2021, the state was not alone in experiencing a decline in VC funding and it didn’t fare as poorly as the nation as a whole.

Wisconsin startups raised $526 million in 2022, down 11% compared with $592 million in 2021, according to a Wisconsin Inno analysis of data from Pitchbook, a firm that tracks venture funding totals across the country. Many other states also posted venture funding declines last year, with a few exceptions.

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