The Wisconsin Alumni Research Foundation (WARF) and the State of Wisconsin Investment Board (SWIB) have partnered to form a new $30 million venture fund. The fund, called 4490 Ventures, will target early-stage IT startup companies in Wisconsin.
WARF has been a worldwide leader in technology transfer from the University, and has traditionally focused more on licensing related to biotech and medical device startups. In the past few years a growing IT/tech startup scene in and outside of Madison has emerged. These younger IT based startups do not need to leverage the same traditional technology licensing used in other industries because their businesses often do not rely on patentable technologies.
“WARF has recognized for some time that there is a significant opportunity in Madison and other regions of the state in information technology startup companies,” – Carl Gulbrandsen, WARF Managing Director
This fund will enable broader support and funding for Wisconsin based IT startups, and will target companies looking to raise $250,000 to $2 million in funding. More information is available here.