Eighteen months after the Wisconn Valley Venture Fund announced its formation, the fund confirmed for federal securities regulators that it raised $100 million.
The Milwaukee-based venture fund, which also operates in Silicon Valley, was launched in 2018 by Foxconn Technology Group, Advocate Aurora Health, Johnson Controls International plc and Northwestern Mutual Life Insurance Co.
While Wisconn Valley Venture Fund was to be supported by $25 million investments from each of its founders, the recent round of funding also includes a fifth investor, according to an amended filing with the Securities and Exchange Commission.
Fund manager Jason Franklin said he was the fifth investor, but he did not disclose the size of his investment. However, Franklin says even though there are five investors, each funding partner committed $25 million to the fund.
The fund also amended its filing to include a new address, moving from 310 E. Buffalo Street, Suite 105, to 1433 N. Water Street in Milwaukee.
Since the beginning, the Wisconn Valley Venture Fund was considered a unique model, given its four-corporation structure, experts say.
The fund invests in startups globally, with no guarantee of investments in Wisconsin companies. The fund is focused on “transformative and interdisciplinary” innovations in the organizations’ sectors: health care, technology, manufacturing and financial services.
It makes investments of between $250,000 and $5 million in companies at various stages of growth. The fund has invested in four companies to date, including SignalWire, Siris Medical, Inc., Syntegra and XaiPient.
Franklin was hired in 2019 to manage the fund. Franklin, a computer scientist, tech entrepreneur and venture capitalist, was formerly a limited partner at California venture capital fund Andreessen Horowitz, where he was previously a deal team partner.
Check out the latest digital edition of STUFF Designed, Made and Built in Southeast Wisconsin: