Wisconsin companies attracted a record $436 million in venture capital dollars across 62 deals in the first three quarters of the year, according to data from PitchBook and the National Venture Capital Association (NVCA).
That represents the largest amount of VC dollars raised in the state through the third quarter since at least 2014, which is as far back as the dataset goes. It's also more than the total amount raised in the state throughout all of 2020, when companies raised $284.5 million from venture investors, and in 2019, when Wisconsin companies raised $222.6 million, the data shows.
Despite Wisconsin's venture capital gains, it still lags behind many states, including its Midwest neighbors. In 2020, Illinois companies raised $2.8 billion from venture capitalists, Minnesota companies raised $1.8 billion, Ohio companies raised $1.5 billion, Michigan companies raised $558 million and Indiana companies raised $318 million, according to previous PitchBook data.
Companies in metropolitan Milwaukee raised $53 million from venture investors across 19 deals in the first three quarters of 2021, while companies in the Madison area raised $368.28 million across 24 deals.
According to the data, the top deals closed in Wisconsin during the third quarter were:
- DataChat Inc.: The Madison data analytics software company raised a $25 million Series A round in September, giving it a $95 million post-money valuation.
- Rentable: The Madison apartment rental technology firm raised a $22.5 million Series B round in August to land at a $123 million post-money valuation.
- Fiveable Inc.: The Milwaukee education technology company announced a $10 million Series A round in late September. The PitchBook-NVCA data said it was a $15 million round with a $48 post-money valuation.
- BrainXell: This Madison biotechnology company raised a $13 million Series A round last month for a $59 million post-money valuation.
- DotCom Therapy: The Madison teletherapy provider raised a $13 million Series A round last month. The data did not indicate a valuation.
- Frontdesk: Milwaukee's short-term apartment rental company raised $7 million in August, which the PitchBook-NVCA data categorized as a Series B round. The data did not indicate a valuation.
- Radian IoT: The Milwaukee company raised $5 million from an angel investor in July.
- RehabPulse: The Middleton medical equipment e-commerce company raised a $5 million Seris B round with a $25 million post-money valuation.
- Part Analytics: The Brookfield supply chain software company raised $3 million for a $9 million valuation.
- Agricycle: The Milwaukee food upcycling startup raised $2.4 million in September for a $5 million post-money valuation.
Other top deals in the Madison area during the third quarter were health care automation software company Wellbe Inc. and renewable plastics startup Pyran Inc., which each raised $2 million, and medical device developer Isomark LLC, which raised $1 million.
Wauwatosa medical device maker RoddyMedical Inc. raised $1 million for a $2 million post-money valuation in August, according to the PitchBook data. The company announced it raised $600,000.
