In 2024, early-stage companies in Wisconsin raised $374 million, which is the lowest total since 2018, according to a report by the Wisconsin Technology Council.

According to a release, the funds came from 92 deals, with the majority being healthcare and information technology focused, and mainly occurring in the Madison and Milwaukee regions.

“The formation of the Wisconsin Innovation Fund is a reason for optimism, as is the continued success of the Badger Fund of Funds and our larger venture capital firms,” Wisconsin Technology Council President Tom Still said in a statement. “We think modernization of Wisconsin’s Qualified New Business Venture tax credits, essentially unchanged since 2005, is a priority we hope to address.”

Among the deals, 42 out-of-state investors took part in 21 funding rounds.

Wisconsin early-stage companies raised $490 million in 2023.

The report can be found here.