Investments in young, Wisconsin-based companies by angel, venture capital and other equity investors totaled $374 million in 2024, the lowest total since 2018 but still solid by historical standards, the Wisconsin Technology Council reports.
The Tech Council’s annual Wisconsin Portfolio report captured 92 separate deals involving 61 funds, networks and accelerators. Investor data was unavailable for about two-thirds of those deals, but at least 42 out-of-state investors participated in 21 funding rounds. Those 21 rounds alone raised $292 million, or 78% of the total capital tracked.
The top 10 deals by dollar size accounted for 70% of all capital raised, highlighting the outsized role of a few large rounds. However, the median deal size reached $1 million — the highest in more than a decade — showing strength in the broader base of startups.
More than half (53%) of all funded companies raised $1 million or more, marking the largest proportion to do so in more than 10 years. Additionally, 33% of companies were new recipients of early stage funding, while the remaining 67% attracted follow-on investment, pointing to sustained confidence in Wisconsin’s existing startup ecosystem.
Using public reports, filings, and proprietary investor surveys, the Tech Council tracked a total of $374 million invested in 92 companies. The average round size was $4.1 million.
Other key findings include:
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Of the 92 deals tracked, the majority occurred in the Madison and Milwaukee regions, with others spread throughout the state;
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Health care and information technology continued to dominate in both the number of deals and total dollars, while energy, ag-tech and advanced manufacturing sectors also showed gains; and
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One-third of funded companies were first-time recipients, underscoring the health of Wisconsin’s startup pipeline.
The 17th annual Wisconsin Portfolio report is available here.
