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Winnow Fund is a venture capital organization based in Madison, Wisconsin, founded in 2019. It stands out as the only woman-led venture fund actively investing in Wisconsin, focusing on seed-stage startups. The fund has successfully raised over $10 million for its first fund and is currently in the process of raising capital for its second fund. This initiative aims to support highly motivated entrepreneurs, particularly those emerging from the state's universities and colleges.
The fund plays a crucial role in building the entrepreneurial ecosystem in Wisconsin, emphasizing local innovation and growth. By fostering connections with universities and corporate partners, Winnow Fund enhances the resources available to its portfolio companies. The organization is committed to making a significant impact on the startup landscape in Wisconsin, particularly in sectors such as AI, healthcare, and fintech.
Winnow Fund primarily invests in early-stage companies, specifically targeting Wisconsin-based startups that are raising their first round of funding. The organization typically makes numerous small investments, with a total paid-in capital of $3-5 million across fundraising rounds. They also consider pre-seed investments, focusing on companies valued at around $500,000 that require approximately $100,000 for proof-of-concept or prototype development.
The fund's investment strategy is designed to identify highly motivated founders who are targeting rapid scale. Winnow Fund values entrepreneurs who are deeply connected to Wisconsin's university system, as they believe these individuals are well-positioned to drive innovation. The sectors of interest include AI, healthcare, biotech, consumer products, SaaS, fintech, edtech, food-agtech, climate, and energy.
Winnow Fund's portfolio includes nine notable companies, showcasing a diverse range of sectors:
Among these, Fenster Analytics stands out due to its acquisition, highlighting the potential for successful exits within the portfolio.
Richelle Martin: Managing Director. Richelle has a background in leading the Office of Industrial Partnerships at UW-Madison, where she bridged industry needs with campus innovation. She was named WiSys 'Venture Capitalist-in-Residence' in April 2022.
Ken Johnson: Managing Director of Kegonsa Capital Partners, bringing extensive experience in venture capital and investment management.
Kevin Ladwig: President of Johnsonville Holdings, contributing expertise in corporate strategy and operations.
Mike Thorson: Co-manager of Wisconsin Investment Partners and Co-founder of Inventure Capital, with a strong background in early-stage investments.
Brian Wiegand: Serial entrepreneur and CEO of DropCap, known for his leadership in the startup community.
DeVona Wright Cottrell: Chief Legal Officer at GMR Marketing, providing legal expertise and guidance.
Katherine Licau-Gifford: Partner & Portfolio Manager at KLCM Advisors, with a focus on investment strategy and portfolio management.
Sara Walker: Vice President of Investments at Catholic Financial Life, bringing financial acumen to the team.
Jody Lowe: President and Founder of The Lowe Group, known for her work in business development and strategy.
Startups interested in pitching to Winnow Fund should submit their proposals through the contact form on their website. The pitch deck should include a clear overview of the business model, market opportunity, and financial projections. Founders should also highlight their connection to Wisconsin's entrepreneurial ecosystem.
Response times may vary, but the fund encourages warm introductions through mutual connections when possible to enhance the likelihood of engagement.
Winnow Fund has been actively raising capital for its second fund following the successful raise of over $10 million for its first fund. Recent updates on their website highlight their commitment to supporting local entrepreneurs and the ongoing evaluation of investment opportunities in Wisconsin's startup ecosystem.
In April 2022, Richelle Martin was named WiSys 'Venture Capitalist-in-Residence', further solidifying the fund's connection to the university system and its role in fostering innovation in Wisconsin.
What are Winnow Fund's investment criteria?
Winnow Fund focuses on seed-stage and pre-seed investments in Wisconsin-based startups. They typically invest in companies raising their first round of funding, with a preference for those connected to the university system.
How can startups apply or pitch to Winnow Fund?
Startups interested in pitching to Winnow Fund should complete the form on their Investment Opportunity contact page. They encourage direct inquiries through their website.
What makes Winnow Fund different from other venture capital firms?
Winnow Fund is unique as the only woman-led venture fund actively investing in Wisconsin. Their focus on local entrepreneurs and university spin-outs sets them apart in the venture capital landscape.
What is the typical check size for investments?
Winnow Fund typically invests between $100,000 and $5 million, with a total paid-in capital of $3-5 million across fundraising rounds.
What is the geographic scope of Winnow Fund's investments?
The fund exclusively invests in startups located in Wisconsin, emphasizing the importance of supporting local entrepreneurs.
What kind of support do portfolio companies receive post-investment?
Winnow Fund provides strategic guidance, mentorship, and access to resources that help startups scale effectively, leveraging their connections within the Wisconsin entrepreneurial ecosystem.
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