New data shows that Wisconsin tech companies raised a record amount of venture capital funding in 2019, even though total deal volume in the state remained flat.
The Madison-based Wisconsin Technology Council and its Tech Council Investor Networks released a report this week that shows Wisconsin tech companies raised more than $454 million across 123 deals, the most amount of capital raised by the state’s companies ever.
Last year’s funding was up 51% from 2018, when startups raised $300 million across 121 deals. Though companies raised the most amount of capital in 2019, it didn’t see the most deals. In 2016, there were 138 deals, but the amount raised across them was much smaller at about $276 million.
“Our ecosystem is maturing as a whole,” said Bram Daelemans, the director of the Tech Council Investor Networks. “We had more companies raising larger rounds. It’s great to see.”
Over the five-year period beginning in 2015, the report shows that Wisconsin’s early-stage companies have raised $1.47 billion. Additionally, the average round size is at an all-time high of $3.8 million, while the median round size eclipsed $700,000 for the first time. Read the full story here.