The past year has been a difficult one for startups marked by declines in venture capital funding and layoffs — but it was not all doom and gloom in the Midwest.

That’s according to Chicago VC firm M25, which released its annual list of the region’s top startup cities this week.

From the 64 cities on the list, Milwaukee ranked No. 15. Bloomington, Indiana, took 14th, and Lafayette, Indiana, took 16th place. Chicago was the out-and-out winner.

According to the Wisconsin Technology Council’s Wisconsin Portfolio, Wisconsin’s overall angel and VC funding was $649 million, which was 26% lower than 2021’s raises.

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