17 venture capital firms in Wisconsin
We list 17 venture capital firms in Wisconsin as of November 2026: each has an SEC filing on file, and the list was last checked on 6 Nov 2026. The cities with the most head offices on this list are Madison (8), Milwaukee (3) and La Crosse (1).
Top 7 venture capital firms in Wisconsin, ranked by recent fund activity
Among firms with a published profile and a dated fund or deal in the last 24 months. The rule: Activity score out of 100: recency of the latest fund filing or dated deal (50: full marks within 3 months, then stepping down at 6, 12 and 24 months), size of the fund on file on a log scale (35) and completeness of the public record (15). It is a measure of activity and fit, not of quality or returns. The same rule orders the whole list; it is repeated in the method box.
HealthX Ventures
Type: VC firm · HQ: Madison, WI · Stages: Seed · Focus: Healthtech, AI, Medtech, SaaS · Latest activity: New deal, Sep 2026 · Fund size on file: $100M (SEC Form D, 2023)
Dated new deal in Sep 2026; $100M fund on file (SEC Form D, 2023); backs seed; 8 named decision-makers on file.
Clarevia
Type: VC firm · HQ: Madison, WI · Focus: Healthtech, Biotech, Medtech · Latest activity: New deal, May 2026 · Fund size on file: $100M (SEC Form D, 2023)
Dated new deal in May 2026; $100M fund on file (SEC Form D, 2023); 8 named decision-makers on file.
Idea Fund of La Crosse
Type: VC firm · HQ: La Crosse, WI · Stages: Seed · Focus: Generalist · Latest activity: New deal, Aug 2026 · Fund size on file: $50M (SEC Form D, 2023)
Dated new deal in Aug 2026; $50M fund on file (SEC Form D, 2023); backs seed; 7 named decision-makers on file.
TitletownTech
Type: VC firm · HQ: Green Bay, WI · Stages: Seed, Series A · Focus: AI, Healthtech, Industrial Tech, Food and Beverage · Latest activity: New deal, Oct 2025 · Fund size on file: $80M (SEC Form D, 2022)
Dated new deal in Oct 2025; $80M fund on file (SEC Form D, 2022); backs seed, Series A; 8 named decision-makers on file.
Mastercraft Ventures
Type: VC firm · HQ: Beloit, WI · Stages: Pre-seed, Seed · Focus: Generalist · Latest activity: New fund, Dec 2025 · Fund size on file: $12M (SEC Form D, 2025)
Latest fund filing dated Dec 2025; $12M fund on file (SEC Form D, 2025); backs pre-seed, seed; 1 named decision-maker on file.
Character
Type: VC firm · HQ: Milwaukee, WI · Stages: Pre-seed, Seed · Focus: AI, Healthtech, SaaS, Medtech · Latest activity: New fund, Mar 2025 · Fund size on file: $52M (SEC Form D, 2023)
Latest fund filing dated Mar 2025; $52M fund on file (SEC Form D, 2023); backs pre-seed, seed; 6 named decision-makers on file.
Background Capital
Type: VC firm · HQ: Madison, WI · Latest activity: New fund, Dec 2025
Latest fund filing dated Dec 2025; 1 named decision-maker on file.
First 10 of 17 venture capital firms in Wisconsin
| Investor | Type | HQ | Stagesour research | Focusour research | Latest fund or deal | Fund sizeas filed or stated | Checked | Contacts |
|---|---|---|---|---|---|---|---|---|
| HealthX Ventures | VC firm | Madison, WI | Seed | Healthtech, AI, Medtech, SaaS | New deal, Sep 2026 | $100M (SEC Form D, 2023) | 5 Nov 2026 | 8 names, firm email · Unlock |
| Clarevia | VC firm | Madison, WI | Healthtech, Biotech, Medtech | New deal, May 2026 | $100M (SEC Form D, 2023) | 5 Nov 2026 | 8 names · Unlock | |
| Idea Fund of La Crosse | VC firm | La Crosse, WI | Seed | Generalist | New deal, Aug 2026 | $50M (SEC Form D, 2023) | 5 Nov 2026 | 7 names · Unlock |
| TitletownTech | VC firm | Green Bay, WI | Seed, Series A | AI, Healthtech, Industrial Tech, Food and Beverage | New deal, Oct 2025 | $80M (SEC Form D, 2022) | 5 Nov 2026 | 8 names · Unlock |
| Mastercraft Ventures | VC firm | Beloit, WI | Pre-seed, Seed | Generalist | New fund, Dec 2025 | $12M (SEC Form D, 2025) | 4 Nov 2026 | 1 name, firm email · Unlock |
| Character | VC firm | Milwaukee, WI | Pre-seed, Seed | AI, Healthtech, SaaS, Medtech | New fund, Mar 2025 | $52M (SEC Form D, 2023) | 5 Nov 2026 | 6 names · Unlock |
| AmFam VC | VC firm | Madison, WI | Pre-seed, Seed, Series A, Series B, Growth | Fintech, Insurtech, AI, Proptech | New fund, Dec 2023 | $419M (SEC Form D, 2022) | 5 Nov 2026 | 8 names · Unlock |
| Background Capital | VC firm | Madison, WI | New fund, Dec 2025 | 4 Nov 2026 | 1 name · Unlock | |||
| Capital Midwest Fund | VC firm | Mecquon, WI | Media, B2B, Industrial Tech, SaaS | New deal, Jul 2023 | $100M (SEC Form D, 2021) | 5 Nov 2026 | 1 name · Unlock | |
| WVV Capital | Corporate VC | Milwaukee, WI | AI, Healthtech, Industrial Tech, Fintech | $79M (SEC Form ADV) | 5 Nov 2026 | 4 names, firm email · Unlock |
You are seeing 10 of 17. The full list adds 7 more firms and 62 named decision-makers.
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How these 17 break down
By city
| City | On this list | Share |
|---|---|---|
| Madison | 8 | 47% |
| Milwaukee | 3 | 18% |
By stage
| Stage | On this list | Share |
|---|---|---|
| Pre-Seed | 4 | 24% |
| Seed | 9 | 53% |
| Series A | 2 | 12% |
Stage is our research. A firm can back more than one stage.
By sector
| Sector | On this list | Share |
|---|---|---|
| Healthtech | 7 | 41% |
| AI | 7 | 41% |
| SaaS | 7 | 41% |
| Medtech | 5 | 29% |
| Industrial Tech | 3 | 18% |
| Fintech | 3 | 18% |
| Energy | 2 | 12% |
| Hardware | 2 | 12% |
| B2B | 2 | 12% |
| Edtech | 2 | 12% |
Sector is our research. A firm can carry more than one sector.
By type
| Type | On this list | Share |
|---|---|---|
| VC firm | 16 | 94% |
| Corporate VC | 1 | 6% |
Method and limits
- Source
- All 17 rows carry an SEC filing (Form D or Form ADV). 13 of the 17 have a website we checked; the other 4 rest on the filing or register entry alone. Filing date and fund size are SEC data where a filing exists. Stage, sector and check size are our research.
- Inclusion rule
- Organizations that back startups. Individuals, buyout funds and firms we found to be inactive are left out. This list holds VC firms, fund managers and corporate venture arms; accelerators and angel networks are in their own lists. Place: head office in Wisconsin.
- Order
- Firms with a published profile come first. Activity score out of 100: recency of the latest fund filing or dated deal (50: full marks within 3 months, then stepping down at 6, 12 and 24 months), size of the fund on file on a log scale (35) and completeness of the public record (15). It is a measure of activity and fit, not of quality or returns.
- Last refreshed
- November 2026. Rows on this list were checked between 4 Nov 2026 and 6 Nov 2026.
- Fill rates
- Of 17 rows: stage 9, sector 12, fund size 15, website 13. In the paid file: named decision-makers on 14 rows, firm email on 4, LinkedIn page on 4, check size on 1.
- Corrections
- Email [email protected] or use the update form. We act within 5 working days.
Questions
How many VC firms are in Wisconsin?
We list 17 as of November 2026. 6 of the 17 have a fund filing or a dated deal in the last 12 months. By type: VC firm (16) and Corporate VC (1).
Which cities in Wisconsin have the most VC firms?
Madison (8), Milwaukee (3) and La Crosse (1).
Which Wisconsin VC funds filed with the SEC in the last 12 months?
3 of the 17 have a fund filing dated in the last 12 months. The most recent on this list are Talents (Feb 2026), Background Capital (Dec 2025) and Mastercraft Ventures (Dec 2025).
What stages do venture capital firms in Wisconsin back?
Of the 9 with a stage on file, seed (9), pre-seed (4) and Series A (2). A firm can back more than one stage, and 8 rows have no stage on file yet.
Where does the data on venture capital firms in Wisconsin come from and how often is it updated?
All 17 rows have an SEC filing on file (Form D or Form ADV). Filing date and fund size come from the filing. Stage, sector and check size are our research. Rows on this list were last checked on 6 Nov 2026 at the latest. The whole file is re-verified twice a year.
Can I download the list of venture capital firms in Wisconsin as a spreadsheet?
Yes. The file holds all 17 rows in Excel and CSV, with 62 named decision-makers and 4 firm emails, for $49 one-time. 10 rows are free on this page.
Broader lists
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