While the number of investment deals made in Wisconsin last year decreased significantly, the state’s business founders have been able to steadily increase the amount of money they’re raising, according to a new report.
The
Wisconsin Technology Council’s 2025 edition of the Wisconsin Portfolio, which examined investment deals made in 2024, found that 92 early-stage companies raised at least $374 million.
That figure is the lowest amount since the Wisconsin Technology Council began tracking the data in 2018.
Even though the number of deals declined, deal size has increased to $1 million, according to the report. About 53% of Wisconsin companies raised $1 million or more, which is the largest amount in more than a decade.
"This signals a growing maturity among Wisconsin’s startups, with more companies moving beyond early traction to meaningful growth rounds," the report says.
Madison continues to be Wisconsin’s leading region when it comes to the number of companies raising funding. The report found 46 companies in Madison raised $228 million, which is more than half of the state’s total.
Milwaukee follows Madison with 39 companies raising more than $130 million.
There were 61 unique investment groups and funds identified in 2024. Out-of-state investors participated in 21 funding rounds, contributing to $292 million raised, or more than 78% of all capital raised.
Most companies receiving money are in the health care industry, with 41 deals raising $247.8 million. Information technology follows with $97.5 million from 28 deals.
"While Wisconsin’s early-stage ecosystem continues to mature, more work is needed to expand the investor base and close remaining gaps – especially in supporting first-time founders, underserved regions and addressing the funding gap by encouraging mid-sized VCs to establish a base in the state," the report says.
Wisconsin’s largest deals in 2024 included a $55 million funding round raised by Madison-based
Elephas Biosciences, a $50 million round closed by Madison-based
Fetch, $40 million raised by
Leo Cancer Care in Middleton, $30 million raised by Milwaukee-based
Rivermark Medical and $20 million raised by Milwaukee-based
Sift Healthcare.
