Construction services firm The Boldt Group of Appleton has invested in the Green Bay-based venture capital firm TitletownTech, according to a Monday announcement.
The terms of the deal weren't disclosed. TitletownTech is in the midst of raising $80 million for its second venture fund, according to Wisconsin Inno reporting and a June 2022 filing with the U.S. Securities and Exchange Commission.
TitletownTech was founded by the Green Bay Packers and Microsoft Corp. The firm invests in early-stage startups across the U.S. and Canada with a bias toward companies in Wisconsin or that are attracted to the state. Its investments are focused across six industry groups, including manufacturing and construction technology.
The firm's first fund, which launched in 2019, totaled $25 million that it is investing in 23 already-selected startups. That fund was backed by the Packers, Microsoft, Robert W. Baird & Co., Schneider National Inc. and Plexus Worldwide LLC, among other investors.
With its second fund, TitletownTech will have new capital to invest in another portfolio of startups.
Boldt's partnership with TitletownTech is an opportunity for the construction services firm to explore solutions to industry challenges, including labor shortages, Boldt president Dave Kievet said in a statement.
If previous TitletownTech investors are any indication, Boldt's investment in TitletownTech could also potentially lead to direct investments in and partnerships with the startups the venture firm backs.
For instance, after investing in TitletownTech — which in turn invested in the online chemical marketplace startup ChemDirect, among other companies — Schneider National led a Series A funding round for ChemDirect and became a transportation and logistics partner for the startup.
"Startups are inspired to work with established companies like Boldt," TitletownTech managing director Jill Enos said in a statement.
