The Green Bay Packers and Microsoft Corp.'s venture capital firm TitletownTech closed on its second fund of $70 million from 27 new and existing investors.
TitletownTech launched in 2019 and now has $95 million in assets under management.
“More than doubling the size of our first fund demonstrates the trust and confidence our investors have in the strength of our team and portfolio,” TitletownTech managing director Craig Dickman said in a press release. “With new and existing investors working alongside us, we are uniquely positioned to support founders and portfolio companies.”
Dickman and Jill Enos are TitletownTech's managing directors with Cordero Barkley as a TitletownTech partner.
Investments span across six verticals of sports, media and entertainment; health and wellness; agriculture, water and environment; manufacturing and construction; supply chain and logistics; and cross-industry technology. A focus is placed on the Midwest.
“Through TitletownTech, we’ve learned that entrepreneurship is a team sport, which is why we’re pleased to continue supporting entrepreneurs and inspiring others to embrace innovation,” Green Bay Packers president and CEO Mark Murphy added in the release. “We think TitletownTech has the potential to be one of the most impactful things we do for the organization, community and beyond.”
The firm's first fund, which launched in 2019, totaled $25 million. That fund was backed by the Packers, Microsoft, Robert W. Baird & Co., Schneider National Inc. and Plexus Worldwide LLC, among other investors.
The second fund's backers include an undisclosed investment from Boldt Co. Inc. in Appleton announced earlier this year.
Boldt president Dave Kievet said in a statement released in January that its partnership with TitletownTech is an opportunity for the construction services firm to explore solutions to industry challenges, including labor shortages.
A majority of TitletownTech's portfolio is startups based in Wisconsin and the Midwest. Over 50% of TitletownTech's Fund 1 portfolio companies have gone on to raise more capital, and according to the venture capital firm, a majority are first-time founders. TitletownTech has invested in more than 30 companies, three of which have relocated to Green Bay.
Some of the companies TitletownTech has invested in include Wisconsin-based artificial intelligence startup Synthetaic, Green Bay-based digital toolset manufacturer Demiplane and Green Bay-based hydroponic farming system creator Fork Farms.
“When we teamed up with the Packers five years ago to bring more entrepreneurship and opportunity to Green Bay, we were tapping into a long legacy of innovation in Wisconsin and across the Midwest,” Microsoft vice chair and president Brad Smith said in the release. “Today, this winning formula is gaining momentum with the new startups, new talent, and another round of funding.”
