Wisconsin companies raised $41.12 million from venture capitalists in the third quarter, less than half the figure from the same time in 2022 and the lowest for any quarter since the summer of 2020, according to the latest
PitchBook-NVCA Venture Monitor report
The state’s companies have now raised $208.1 million across 75 deals this year, down from $529.8 million across 83 deals through the first three quarters of 2022.
Top deals in the quarter included Advanced Ionics raising $13 million, Regenerative Med raising $5 million, The Grand raising $4.7 million, Voximetry raising $4.6 million and 7Rivers raising $3.5 million.
| Through Q3 |
| Year |
Number of Deals |
Deal Value (millions) |
| 2014 |
66 |
$89.73 |
| 2015 |
89 |
$189.02 |
| 2016 |
70 |
$140.90 |
| 2017 |
66 |
$112.94 |
| 2018 |
61 |
$361.73 |
| 2019 |
59 |
$159.53 |
| 2020 |
70 |
$172.12 |
| 2021 |
84 |
$520.76 |
| 2022 |
83 |
$529.83 |
| 2023 |
75 |
$208.09 |
Wisconsin is not alone in seeing a slowdown in venture deal activity. Through the third quarter, the U.S. had seen an estimated 11,935 deals raising $125.9 billion. Deal value in the third quarter was the lowest since mid-2018.
The market has slowed considerably from 2021 and 2022 when the country saw $347.3 billion and $244.5 billion deal value.
“While quarterly deal counts have stabilized over the past year, the figures remain considerably lower than those in late 2020 through 2021. This slower activity also comes at a time when more than 51,000 VC-backed companies remain private, increasing the pressure on startups that are now competing for investors’ time and capital,” the PitchBook report says.
