24 Jul Investors say last year’s lower VC total was no surprise, follows national trend
Last year’s lower total for early-stage investment isn’t a surprise as the state returns to a more typical level of venture capital activity, Wisconsin investors say.
The Wisconsin Technology Council reports early-stage businesses in the state last year raised about $490 million through 107 deals, well below the two previous years.
In 2021 — recognized as a standout year for investment — the state had a total of $869 million raised across 140 deals. By 2022, that had fallen to $640 million and 107 deals. While last year’s number of deals was unchanged over the year, total investment was about $150 million lower.
Speaking yesterday at a Tech Council luncheon in Madison, Venture Investors Health Fund Managing Director David Arnstein said he’s “not surprised” by the group’s findings for 2023, which are captured in this year’s edition of the Wisconsin Portfolio.
“It matches the national trends,” he said, arguing “we have to get used to more normalized cycles, and the data if you go back to [2019 and 2020,] it’s kind of falling in line with what you see from 2023 and 2024.”