At the national level, venture capital investments in startups continue to slow after a record year in 2021.
In Wisconsin, startups raised $100.28 million across 18 deals in the third quarter, according to the latest data from PitchBook Data Inc. and the National Venture Capital Association (NVCA) published in its quarterly Venture Monitor report.
Those numbers could change, as the report updates previous quarterly numbers as new information becomes available. For instance, the second quarter 2022 report said Wisconsin companies raised $87 million across 18 deals in the second quarter, but the latest report updated those figures to $102 million across 24 deals.
Elephas Biosciences, a cancer diagnostics startup founded by a former Exact Sciences executive, raised the largest VC round in Wisconsin last quarter with its $41.5 million Series B round, according to the latest report.
Middleton-based government technology startup Polco announced earlier this month it raised $14 million in its latest round, which would put it second on the quarterly list of the largest VC deals landed by Wisconsin companies. However, only $9.8 million was reported in the latest Venture Monitor report.
The report also revealed a few Wisconsin startup valuations. Milwaukee's Frontdesk is valued at $58 million after the close of its recent $13 million Series B round, Polco is valued at $40 million after its recent raise and La Crosse-based DropCap Inc., a publishing technology startup, is valued at $5 million after its recent $2 million seed round.
Here were the 10 largest VC investments in Wisconsin startups in Q3 2022, according to the latest PitchBook NVCA Venture Monitor report.
1. Elephas: $41.5 million (Series B)
Madison
2. Frontdesk: $13 million (Series B)
Milwaukee
3. Understory: $12.04 million
Madison
4. Polco: $9.8 million (Series A)
Middleton
5. Sift Healthcare: $9 million (Series A)
Milwaukee
6. Maker Healthcare: $5 million
Mequon
7. RoofMarketplace: $5 million (Series A)
Whitewater
8. DropCap: $2 million
La Crosse
9. RoddyMedical: $915,000
Wauwatosa
10. WEAR TECH: $755,000
Hartland
