Fewer Wisconsin companies raised investor funding in 2018, but those that did raised more capital than ever before, according to the latest Wisconsin Portfolio report from the Wisconsin Technology Council.
The WTC tracked 121 early-stage companies in the state that raised investment capital last year, down from 127 in 2017. But they raised a total of $300.7 million, up from $231 million in 2017, according to the latest data from WTC.
The organization compiles the annual report from public filings, reports and surveys. The Wisconsin Portfolio differs slightly from the Wisconsin findings in the annual venture monitor report by Pitchbook and the National Venture Capital Association. Released in January, that report showed Wisconsin saw 78 venture capital deals totaling $254.3 million in 2018.
The largest deals of the year were Janesville-based SHINE Medical Technologies LLC’s Series B round, for which it raised $44.8 million (of $180 million) in 2018; Madison-based Propeller Health’s $20 million equity round; New Richmond-based Engineered Propulsion Systems Inc.’s $16.8 million raised as part of an amended round and two new equity and debt rounds; Mequon-based Titan Spine’s $16.7 million funding round; Madison-based Midwestern BioAg Inc.’s $15 million equity round; and Madison-based HealthMyne Inc.’s $15 million equity round.
A recent report from Chapman and Co. LLC on Midwestern venture capital activity in 2017 indicated Milwaukee “dramatically underperforms” when it comes to its expected VC activity compared to peers in the region.