The Appleton-based NEW Capital Fund has raised $25 million for a second venture capital fund, according to a report in the Milwaukee Journal Sentinel.
NEW Capital Fund II will invest from $500,000 to $3 million in rapid-growth advanced manufacturing and information technology companies in Wisconsin and the Great Lakes Region, the report said.
The firm’s first fund includes portfolio companies like Ro-Flo Compressors in Appleton, Aurizon Ultrasonics, a spin off of Kimberly Clark, and Xolve Inc. in Middleton.
In addition, the report quoted Tom Still, president of the Wisconsin Technology Council, as saying that about a half dozen state-based funds are raising money from investors.
Wisconsin lawmakers will reportedly try to advance a bill to create a state-leveraged fund-of-funds program for venture investments, but its passage is not a certainty in the forthcoming legislative session.
