Wisconsin companies raised nearly $206 million in venture capital in the first half of the year, marking the best six month stretch since mid-2022, according to data from PitchBook.
The second quarter saw $88.08 million raised across 21 deals. Those figures are both down from the first quarter when companies raised $117.91 million across 27 deals. However, the second quarter performance was much stronger than a year ago when $52.49 million was raised across 23 deals.
The last time Wisconsin topped $200 million in venture deals over two quarters was the second and third quarters in 2022.
Milwaukee-based
Sift Healthcare had the largest deal in the state during the quarter, raising $20 million in a series B funding round.
Madison-based
Understory had the state’s second largest deal in the quarter, raising $15 million in a series A deal that values the company at $45 million, according to PitchBook.
Other deals in the quarter included Milwaukee-based
7Rivers raising $6 million to reach a $13.5 million valuation, according to PitchBook. Portage-based
Wisconsin Battery raised $5 million, Middleton-based
Mead & Hunt raised $3.1 million, Madison-based
AIQ Solutions raised $2.3 million, Milwaukee-based
Ready Rebound raised $2.3 million, Okauchee-based
Radian IoT raised $2 million, and Madison-based
Cardamom Health raised $1.5 million.
The uptick in venture activity in Wisconsin follows a national trend, with $55.6 billion invested across 4,226 deals, according to the quarterly PitchBook-NVCA Venture Monitor report. It was the highest number and value of since the second quarter of 2022.
“It is likely too early to claim a rebound in deal activity, however,” the report says. “The market likely has bottomed out, and companies that raised two to three years ago and had pushed out financing through cost-cutting measures are returning to the market for subsequent financing.”
