Green Bay---The Green Bay Packers and Microsoft held the official grand opening Friday of TitletownTech, a new initiative to spur startup growth and innovation in Green Bay. And the group announced several new details about its $25 million venture fund designed to back Wisconsin startups.
The venture fund, dubbed the TitletownTech Venture Fund, was officially announced in 2017 as part of a three-part plan by Microsoft and the Packers that includes an innovation lab, venture studio and $25 million VC fund. On Friday, TitletownTech named a dozen new limited partners in its fund, all of which are based in Wisconsin.
The new LPs include AmeriLux International, Baird, Cornerstone Foundation of Northeastern Wisconsin, Dickman Ventures, Green Bay Packaging, N.E.W. Venture Foundry, Plexus, Schreiber, Schneider, Sartori Cheese, The Village Companies and Weyers Investments.
They join previously announced LPs Delaware North, the New York Mets and Sterling Project Development.
Craig Dickman, managing director of TitletownTech, said in an interview with Wisconsin Inno that the VC fund has so far invested in three startups. One such startup is Oculogica, an eye-tracking technology that helps diagnose concussions. Oculogica is headquartered in New York but is founded by Wisconsin natives and has its engineering and product development teams in Wisconsin.
“It’s a good example of a company not necessarily headquartered here, but with really critical activity here that helps add to the overall ecosystem,” Dickman said.
Dickman declined to name the other two startups TitletownTech has invested in, but added that it’s currently doing due diligence on six other startups.
TitletownTech’s first fund is expected to invest in 18 startups, writing checks between $100,000 and $1 million. Dickman said the group plans to raise fund 2 three years from now.
Of the 18 startups in fund 1, TitletownTech anticipates backing 10 companies that are Wisconsin-based. Of the remaining eight, Dickman expects half will have Wisconsin ties.
TitletownTech will invest in both early-stage, pre-revenue businesses, as well as later-stage growth companies, Dickman said.
The fund is focused on areas like sports media, digital health, advanced manufacturing and supply chain technology.
The TitletownTech initiative was launched two years ago in a joint effort by the Packers and Microsoft, and Packers President and CEO Mark Murphy and Microsoft President Brad Smith were both on hand Friday for the official grand opening.
“I think (with) TitletownTech, we have a chance to really make a big difference in the Green Bay community and in the state of Wisconsin,” Murphy said at the grand opening. “It’s really exciting to be a part of this.”
The Packers and Microsoft each initially put $5 million into the endeavor, and Smith said that Microsoft “dove in enthusiastically” in the opportunity.
“We could not be more optimistic and bullish about the great things that will come out of these walls,” Smith said.
For emerging startup communities in smaller cities such as Green Bay, visibility is key. Connections to investors, customers, mentors and other resources is paramount, and having the Packers and Microsoft shining a spotlight on the tech community is a signifiant catalyst to Green Bay's tech ecosystem.
"We set out to create a place that you could look at that was inspirational to entrepreneurs," Dickman said.
