Wisconsin Gov. Tony Evers included a $75M fund of funds in the state's proposed 2023-25 budget.
Per the proposal, Wisconsin Economic Development Corp. (WEDC) will manage the fund of funds. Investments into other VC funds are capped at $18.75M.
The Republican-controlled Legislature will need to approve the proposal.
- Evers' proposal of a $100M VC program was omitted from the final budget for 2021-23.
- The proposed program will build upon the state's existing $25M Badger fund of funds program, launched in 2013 by then-Gov. Scott Walker.
- VC funds being backed by the program will need at least a one-to-one match from private investors.
- 20% of the funds will be earmarked for investing in minority-owned and women-owned startups.
