Much is currently being written about the lack of women in the venture capital industry, and the statistics paint a clear picture. A study by Axios showed that only nine percent of decision-makers at U.S. venture capital firms are women (an increase from seven percent in 2017).
While Wisconsin is still growing its VC industry, notable women have played important roles. Let’s take a look at a few.
Perhaps the most successful female-led fund in Wisconsin is Calumet Venture Fund. It was started by Judy Owen and Tim Williams specifically to invest in software companies in the Wisconsin/Midwest area. The initial fund was started with funds raised primarily here in Wisconsin in 2009.
Toni Sikes, a serial entrepreneur, joined as a general partner in 2010 and opened a Madison office. The first of many investments was made in 2010 in Expressume—which later evolved into Montage Talent—in Delafield. Attracting other venture funds to the deal, the company successfully scaled and was sold in 2019, resulting in an attractive exit for the fund.
A consistent presence, Lorrie Heinemann has been formally associated with Wisconsin venture capital as early as 2003 when she served at Secretary of the Department of Financial Institutions. In that role, she collaborated with the Wisconsin Technology Council and co-founded and chaired the Wisconsin Angel Network. Plus, she was one of the first to raise the concept of a state-backed fund of venture funds (e.g., Wisconsin now has the Badger Fund of Funds). Following her cabinet appointment, Lorrie was integral in the launch of BrightStar Wisconsin, began her own fund and now heads the Madison Development Corporation, which provides funding to local startups in the Madison area.
Bringing the institutional investors to the table, Carrie Thome spent a career engaged with and funding local venture capital firms, first from a position at the State of Wisconsin Investment Board and eventually as the chief investment officer at the Wisconsin Alumni Research Foundation (WARF). There, she also oversaw WARF’s direct investment program that supported some of the University of Wisconsin’s largest successes, including TomoTherapy and NeuWave Medical. Founding NVNG Investment Advisors with American Girl and Deltanoid alum, Linda Leikness, Carrie continues to work to improve the venture capital landscape in the state.
Other women that have long been working actively to move the State of Wisconsin forward include Teresa Esser, who began her venture career in 2009 at Capital Midwest and today serves as the Managing Director of Silicon Pastures Angel Investor Network; Nicole Justa, who co-founded N29 Capital Partners and also serves on the WVCA Board; and Maggie Brickerman and Abby Kursel (Taubner), who have become synonymous with gener8tor, helping create the organization it is today with its industry-changing programs and events.
Lastly, the newest entrants in the state’s venture capital scene are continuing the legacy of a strong female-led presence. Jill Enos at Titletown Tech is changing the venture landscape in northeast Wisconsin. Meanwhile, Nadiyah Johnson announced the Milky Way Tech Hub’s intention to raise $50 million, and Richelle Martin and Dana Guthrie have recently been named to lead the Winnow Fund and Gateway Capital Fund, respectively.