Initial data reported by the Wisconsin Technology Council showed that Wisconsin in 2024 saw its lowest levels of venture capital activity since 2018, with less than $360 million in deals captured, according to WisBusiness.
The Tech Council’s latest count found 66 deals that took place last year and totaled roughly $358 million — down significantly from 2021’s peak of 140 deals totaling $869 million. Since then, Wisconsin has seen a trend of declining investment activity. In 2022, the state saw around $640 million raised through 107 deals, and in 2023, $490 million was raised, while the number of deals over the year was unchanged.
The largest deal of 2024 was $55 million raised by Madison biotech firm Elephas. By comparison, Madison rewards program Fetch raised $240 million in 2022, and Germantown software firm VBA raised $156 million in 2023.
Most of the rounds raised by Wisconsin companies are now reportedly in the range of $2.5 million or lower, and the middle range from roughly $3 million–$10 million represents a funding gap for statewide startups.
