WEDC Announces $100 MM for Startups – BioTech Focus
Gov. Tony Evers, together with Wisconsin Economic Development Corporation (WEDC) Secretary and CEO Missy Hughes, today announced a major step forward in supporting Wisconsin entrepreneurs with the launch of the Wisconsin Investment Fund, a public-private venture capital initiative that will initially invest $100 million in startup businesses throughout the state. At an event at Forward BIOLABS in Madison, a nonprofit that has helped launch scores of successful startups, Gov. Evers and Secretary Hughes were joined by officials from five venture capital management firms who will be administering the first round of fund investments. A sixth capital management firm will be announced shortly.
“The Wisconsin Investment Fund will be the biggest public-private investment in Wisconsin startups and entrepreneurs in our state’s history, and as the businesses that receive these investments start to grow, the value of the fund will grow with them, creating new opportunities to help even more businesses expand,” said Gov. Evers. “Over time, we expect the value of this fund to grow exponentially—with a ten-to-one private-public investment ratio. This fund is a win for businesses who will have the support to take their ideas to new heights, and it’s a win for Wisconsin to maintain our position as a competitive leader in business innovation.”
A particular focus will be biohealth, with at least $27 million of the state’s initial investment allocated to that sector. Last year, the U.S. Economic Development Administration designated Wisconsin as a Regional Technology Hub for personalized medicine and biohealth technology, which opens the door to up to $75 million in new federal funding to help accelerate research and development of new treatments.
Check out the full press release by Governor Evers Here
