A Middleton-based software company that makes an online survey platform for local governments has raised $14 million, according to a Monday announcement.
The investment in Polco Inc. was led by Mercury Fund, an early-stage venture firm with locations in Houston and Austin, Texas, and Ann Arbor, Michigan. Other investors, including BAT Ventures and Royal Street Ventures, also participated, according to the announcement.
Polco's customers include more than 1,400 local governments ranging from Oshkosh to Honolulu, according to the announcement. The company's community engagement and analytics software is designed to help municipalities gather public input and performance data.
“With our data and insights, Polco is committed to helping local governments win grants, continue to improve constituent quality of life, and restore trust in local government organizations to previous levels and beyond," Polco CEO and co-founder Nick Mastronardi said in a statement.
Polco has raised a total of $34 million to date, according to Crunchbase. Previous Polco investors include gANGELs, the angel investing group affiliated with the Wisconsin-based startup accelerator operator gener8tor Management LLC, and AIN Ventures, a venture firm that invests in early-stage startups led by military veterans.
In Wisconsin's venture capital ecosystem, a $14 million round represents a relatively significant investment. In 2021, the average size of angel and venture capital funding rounds raised by Wisconsin companies was $7.3 million, up from $4.2 million in 2020, according to reports by the Wisconsin Technology Council.
