As her husband has championed Milwaukee's startup scene and led local venture capital firm CSA Partners, Milwaukee education and public sector leader Jennifer Abele has entered the world of startup and VC investing as an angel investor.
Abele backed Milwaukee-focused early-stage venture capital firm Gateway Capital and Milwaukee-founded battery materials startup COnovate Inc, which announced Abele's investment Thursday. She has also invested in other venture capital funds, participated in syndicate investments in startups, and has a few other angel deals in the works, she said.
The companies she has chosen to back have one thing in common — they're led by women.
At some point, Abele said she would like to formalize her angel investing activity by starting a venture capital fund that would back underrepresented founders.
"I have explored that," Abele said. "The only challenge right now is time. ... I will formalize it at some point."
Abele is currently splitting her time between her role as senior executive director of strategic partnerships at the University of Wisconsin-Milwaukee and as senior adviser to Milwaukee acting Mayor Cavalier Johnson. In May, she will resume her UWM position full time regardless of the outcome of the April 5 mayoral election, she said.
Eventually, Abele envisions raising a venture capital fund that would invest in early-stage founders that are traditionally underrepresented in VC financing — including women, people of color and members of the LGBTQ+ community. She's interested in mission-driven companies, including startups in the government technology and education tech space, she added.
"I think it’s really important to have more women involved in VC," Abele said. "I think the most important point is for women to know that venture capital is not out of reach."
The fund wouldn't invest in Wisconsin companies exclusively, Abele said.
"I think it's important to bring companies from other states into Wisconsin," she said. "We can’t just insulate ourselves here. We have to be part of a national economy."
Jennifer said she's inspired by her husband Chris Abele, who led and funded the Metropolitan Milwaukee Association of Commerce's startup initiatives announced last year. He also formerly served as Milwaukee County Executive.
Chris Abele's venture firm, CSA Partners, has backed companies including wine subscription company Bright Cellars, which relocated to Wisconsin after participating in local startup accelerator program gener8tor. CSA Partners also is an investor in gener8tor Management LLC, the company and venture capital firm that runs the program.
Joe Kirgues, co-founder of gener8tor, also has provided "a tremendous amount" of advice to Jennifer, she said.
