Evers announces $100M investment to support Wisconsin startups and entrepreneurs

 

MADISON, Wis. (CBS 58) -- Entrepreneurs looking to start their own business could get some financial help from the state under a new program. It's called the Wisconsin Investment Fund. 

The public-private venture capital initiative will invest $100 million in startup businesses throughout the state. 

Governor Tony Evers and the Wisconsin Economic Development Corporation announced the new program Wednesday in Madison. 

"We want to make sure that everyone knows that if they have an idea that's worth investment, they can find that investment in Wisconsin, they don't have to go outside of the state," said Missy Hughes, secretary of the Wisconsin Economic Development Corporation. 

Venture capital firms will administer the funding and must match each dollar of public money with at least $1 of private investment. 

Five businesses that help startups have been awarded funding so far, including NVNG Investment advisors in Milwaukee. 

The private fund partners and the amounts being invested with them include:

• HealthX Ventures: $15 million
• Venture Investors Health Fund: $12 million
• Serra Ventures: $7 million
• NVNG Investment Advisors: $6 million
• Idea Fund of La Crosse: $5 million