It is well known that 2020 was an unprecedented year, but nevertheless, in 2020 the State of Wisconsin experienced growth in the number of startups and venture capital deals. In fact, Wisconsin companies raised $273 million in 2020, which is $59 million more than in 2019. Part of that growth came from corporate venture capital (CVC) funds.
CVC funds are typically the branch of a larger corporation that provides capital to other businesses, most often small businesses and startups. According to CBInsights, in 2020, CVC-backed funding in the United States reached an all-time high of $40.2 billion.
Here is a look at a few Wisconsin CVC funds and some of the startups they supported in 2020:
Cream City Venture Capital
Cream City Venture Capital is a fund created by Northwestern Mutual that looks to partner with companies that are leveraging technology to address problems in large markets. The fund invests between $100,000 to $250,000 in Milwaukee-based startups in the seed or Series A stage. Examples of portfolio companies include:
- Lumanu – Gives creatives a place to find partnerships and reach larger audiences.
- Fiveable – Made for high school students to make studying for AP tests and accessing AP resources much easier.
CMFG Ventures
CMFG Ventures is a branch of CUNA Mutual Group, which is based in Madison. Investments from CMFG Ventures range from $1 million to $5 million and are made to Series A or B startups that support financial technology and financial education. Some of the startups in which it has invested include:
- Vault – Used for student loan and debt elimination that also makes the hiring process easier for employers and young professionals.
- Steady – Helps people find jobs and plan for a financially stable future.
- Good Money – Aims to make wealth creation equitable for all Americans.
TitletownTech Venture Fund
The TitletownTech Venture fund was formed as a partnership between the Green Bay Packers and Microsoft and is based in Green Bay. This fund invests on average between $250,000 to $500,000 to seed and early-stage startups from Northeast Wisconsin that aim to spur growth in Wisconsin, including:
- Fork Farms – Uses hydroponic systems to create fresh, local food.
- Allergy Amulet – Creating a portable consumer food allergen sensor.
American Family Ventures
American Family Ventures was created by American Family Insurance and is based in Madison. Its investments range from $250,000 to $5 million and support seed to Series B startups that focus on insurance modernization, data and more, including:
- Turtlemint – A one-stop spot for finding insurance for cars, bikes, health and life in all different budgets and makes the process of buying insurance easier to understand.
- Choosing Therapy – Goal of making it easier for therapists to work through video while handling billing, scheduling and more.
Advocate Aurora Enterprises
Advocate Aurora Enterprises was created in March of 2021 by Advocate Aurora Health, which is headquartered in Milwaukee. Rather than focusing on startups, the fund seeks to invest in more established companies that focus on aging independently, parenthood and personal performance. Advocate Aurora Enterprises recently led a $25 million funding round for its first investment:
- Foodsmart – Telenutrition platform that makes it easier and more accessible to eat healthy on all budgets.
TASC Ventures
TASC Ventures is a branch of Total Administrative Services Corporation (TASC) in Madison. It invests in seed-stage startups nationwide that focus on improving the lives of employees including:
