The state of Wisconsin is in the process of selecting venture capital funds that will receive a piece of a new $50 million fund designed to support the state’s burgeoning startup scene.

Demand for that money far exceeds the supply. The Wisconsin Economic Development Corp. (WEDC), which is overseeing the new Wisconsin Investment Fund, received 31 applications from venture firms requesting a total of around $500 million.

The number of applicants was more than expected, Wisconsin Investment Fund committee chair Anne Smith said Tuesday in the committee’s first report to the WEDC board.

Click here to read the full article.