Wisconsin companies executed 21 venture capital deals in the first quarter of the year, raising a little more than $108 million, according to the latest PitchBook Venture Monitor report.
The totals represent a sharp drop from the first quarter of 2022, when total investment reached $297 million across 28 deals.
Wisconsin’s performance was stronger than the fourth quarter of 2022 when companies raised $32 million across 21 deals. However, two $31 million raises near the end of the quarter by Bend Health and Type One Energy helped push the state’s total higher for the most recent quarter.
In the Milwaukee area, the largest raise in the quarter included $15 million by Forj, $7 million raised by Sift Healthcare, and $3 million raised by zizzl.
The state’s trend has been toward less venture capital activity over the past three quarters. From the fourth quarter of 2020 through the second quarter of 2022, the state averaged more than 27 deals and nearly $169 million raised per quarter.
[caption id="attachment_567623" align="aligncenter" width="683"] Wisconsin venture capital activity 2018 to 2023[/caption]
Since the third quarter of 2022, Wisconsin has averaged $77 million raised with either 20 or 21 deals per quarter.
There have been similar trends across the Great Lakes region and nationally.
The Great Lakes region averaged 341 deals and $4.3 billion per quarter from late 2020 to mid-2022, figures that dropped to 294 and $2.3 billion over the past three quarters.
Nationally, venture capital activity went from 4,570 deals and $78.7 billion on average per quarter from the end of 2020 through June last year to 3,429 deals and $41.5 million. raised per quarter of for the past three quarters.