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Wisconsin Portfolio 20182017 WISCONSIN PORTFOLIO 10 YEARS OF TRACKING WISCONSIN INVESTMENT DATA TECH COUNCIL INVESTOR NETWORKS MA>PBL<HGLBG THE WISCONSIN PORTFOLIO PUTTING RISK CAPITAL TO WORK PORTFOLIO SUMMER 2009 PUTTING RISK CAPITAL TO WORK e Wisconsin Portfolio Putting risk capital to work FALL 2008 SUMMER 2010 PRODUCED BY PRODUCED BY Wisconsin PRODUCED BY Technology Council WISCONSIN INVESTMENTS ON THE RISE T H EPORTFOLIO 2 014 W I S C O N S I N PUTTING RISK CAPITAL TO WORK WISCONSIN FUELING PORTFOLIO WISCONSIN 2012 THROUGH INVESTMENT Assets Viewpoints Case Studies Success Stories PRODUCED BY Wisconsin Wisconsin Technology Angel Council Network PUTTING RISK CAPITAL TO WORK PUTTING RISK CAPITAL TO WORK Srini Kalluri, Forte Jim Tretheway, BioIonix Research Systems Amelia Baxter, WholeTrees Kurt Brenkus, Aver Informatics WISCONSIN PORTFOLIO 2013 The New New Funds / Data Analysis Crowdfunding: Venture Investor by Sector & Kick-starting WISCONSIN ANGEL Economy 1SPmMFT Survey the Process NETWORK Assets Success Stories Viewpoints 1SPmMFT 2 0 1 5 2017 WISCONSIN PORTFOLIO WISCONSIN PORTFOLIO WISCONSIN PORTFOLIO P UTTING RI SK C APITAL TO WORK A PUBLICATION OF THE WISCONSIN TECHNOLOGY COUNCIL A PUBLICATION OF THE WISCONSIN TECHNOLOGY COUNCIL Wisconsin Technology Wisconsin Council Technology Council TECH COUNCIL INVESTOR NETWORKS + + 10.9% PEOPLE IDEAS MONEY 1.6% TARGETING 10.9% EARLY STAGE 10.9% SUCCESS = NEW COMPAN IES 27.3% 3.1% IT JOE SCANLIN KERRY FRANK BRIAN JENSEN LIZ EVERSOLL SCANALYTICS COMPLY365 FISHIDY SOLOMO TECHNOLOGY HEALTHCARE TARGETING MAKING THE CASE BIOTECH EARLY STAGE SUCCESS AGRICULTURE 35.2% FOR A CORPORATE OTHER Produced by: MAKING THE CASE CONSUMER/ FOR A CORPORATE BUSINESS PRODUCTS “FUND OF FUNDS” ADV MATERIALS & “FUND OF FUNDS” MANUFACTURING University Research Park is Where a neighborhood of ideas, Wisconsin entrepreneurship, and opportunity, positively IDEAS impacting Wisconsin Flourish and beyond. Contact us today to learn how URP can help start up Talented, innovative community actively YOUR engaged in Wisconsin’s Wisconsin entrepreneurial movement. urpat1403.com IDEA! A network of highly qualified universityresearchpark.org [email protected] (608) 441-8000 mentors, working to guide emerging entrepreneurs to business success. Professional work environment that fosters merlinmentors.org a vibrant community of innovative thinkers. madworkscoworking.org 2018 WISCONSIN MA>PBL<HGLBG PORTFOLIO THE WISCONSIN PORTFOLIO PUTTING RISK CAPITAL TO WORK PORTFOLIO SUMMER 2009 PUTTING RISK CAPIT INTRODUCTION THANKS page 2 EXECUTIVE SUMMARY Thanks to the sponsors and supporters of page 4 the Wisconsin Portfolio: THE VENTURE ECONOMY PRODUCED BY page 6 PRODUCED BY INSIDE FRONT COVER Wisconsin Technology Council LEGISLATIVE UPDATE University Research Park page 8 3 AT&T TECH COUNCIL INVESTOR NETWORKS 11 Baird capital page 12 21 ATC WISCONSIN INVESTMENTS ACT 255 22 BDO ON THE RISE page 13 SWIB PUTTING RISK CAPITAL TO WORK FULL YEAR 2017 DEALS ONSIN23 American Family Insurance page 14 OLIO 25 Husch2012 Blackwell FULL YEAR 2017 ANALYSIS 26 Capital Midwest Fund page 16 Case Studies Success Stories Wisconsin Economic INVESTOR SPOTLIGHT Development Corp. (WEDC) page 20 27 Exact Sciences AL TO WORK Srini Kalluri, Forte BADGER FUND OF FUNDS 28 WIPFLI Jim Tretheway, BioIonix Research Systems Amelia Baxter, WholeTrees Kurt Brenkus, Aver Informatics WISCONSIN PORTFOLIO 2013 page 24 1SPmMFT 29 Venture InvestorsAssets Success Stories Viewpoints 1SPmMFT UW-Milwaukee Research Foundation 2018 DEAL PREVIEW River Valley Bank page 28 2 0 1 5 WISCONSIN PORTFOLIO WISCONSIN POR P UTTING RI SK C APITAL TO WORK INVESTOR RESOURCES A PUBLICATION OF THE WISCONSIN TECHNOL Back Cover + + 10.9% PEOPLE IDEAS MONEY Welcome to the 2018 Wisconsin Portfolio, an annual publication of the = NEW COMPAN IES 27.3% Wisconsin Technology Council through its Tech Council Investor Networks and its partner, the Wisconsin Economic Development Corporation. IT JOE SCANLIN KERRY FRANK BRIAN JENSEN LIZ EVERSOLL SCANALYTICS COMPLY365 FISHIDY SOLOMO TECHNOLOGY HEALTHCARE BIOTECH TECH COUNCIL AGRICULTURE Wisconsin INVESTOR OTHER CONSUMER/ Technology NETWORKS BUSINESS PRODUCTS ADV MATERIALS & Council MANUFACTURING 2018 WISCONSIN PORTFOLIO INTRODUCTION Dear Readers – The Wisconsin Tech Council and the Tech Council Entrepreneurs and their companies will ultimately be Investor Networks are proud to present the 2018 driving Wisconsin’s future success, and the capital Wisconsin Portfolio, Wisconsin’s premier investing our investors provide continue to be a driving factor. report containing the most complete compilation and With the momentum on our side, we look forward to analysis of entrepreneurial and investment activity in fulfilling our organization’s important mission: Fuel Wisconsin. This year’s publication marks the 10th the growth of investment capital in Wisconsin. anniversary of the Portfolio and the Tech Council’s tracking of Wisconsin investment data. We thank you for your support and hope you This year, 20 of the state’s leading early stage enjoy the read! investment groups participated in the study. There were 127 venture-backed companies in Wisconsin, up 71 percent from five years ago, but slightly down from last year, when there were 138 Wisconsin- based companies that raised funding. While it is gratifying to record growth over five years, there continues to be a need for additional capital and new funding. Since our 2017 Portfolio was All the best, published last spring, there has been a bit of both, with existing VCs raising additional funds and several new funds being announced. We are excited to announce this edition of the Bram Daelemans Portfolio expands and examines the data in more Director, Tech Council Investor Networks detail than last year, which allows us to analyze the A program of the Wisconsin Technology Council state of the ecosystem even better and paint you a better picture. TECH COUNCIL INVESTOR This publication also features: NETWORKS • A profile on Tom Shannon, the 2017 inductee into the Wisconsin Investor Hall of Fame • Policy highlights and updates • A primer on early stage investing in Wisconsin • A resource guide 2 Networking matters. <br > Making connections is critical to success. In Wisconsin and across the nation, AT&T links businesses with their customers and the world through our wireless network with access to the nation's largest Wi-fi network. It's just another way we help communities stay connected.<br > AT&T is proud to support the Wisconsin Technology Council. <br > © 2018 AT&T Intellectual Property. AT&T, Globe logo, Mobilizing Your World and DIRECTV are registered trademarks of AT&T Intellectual Property and/or AT&T affiliated companies. All other marks are the property of their respective owners.<br > 2018 WISCONSIN PORTFOLIO EXECUTIVE SUMMARY At least 127 Wisconsin early stage companies raised investment capital in 2017, a 71 percent increase from five years ago but an 8 percent decrease from last year. More than $231 million was raised by those 127 companies, which is less than the $276 million raised in 2016. Despite the decrease, the $231 million raised last year is the second highest total raise recorded in Wisconsin. ANNUAL TRENDS 138 128 127 112 86 74 $163,447,237 $128,327,172$218,798,886 $209,479,099 $276,191,739 $231,040,882 2012 2013 2014* 2015 2016 2017 Total Investment Number of deals * An adjustment was made to the 2014 numbers to more accurately reflect investments that year. 4 A PUBLICATION OF THE WISCONSIN TECHNOLOGY COUNCIL Using public reports, filings and surveys, the down from 53 companies in 2016 and 46 Wisconsin Technology Council and its Tech companies in 2016. Furthermore, median Council Investor Networks tracked a total of round size in 2017 has dropped to $360,000 $231,040,882 that was invested in the 127 down from around $514,000 in 2016 and companies (see pages 14-19 for detailed $600,000 in 2015. Finally, there was also a reporting and analysis). The largest deals shift in the distribution of funding rounds with reported were SHINE Medical a smaller share of companies (11 percent) Technologies ($24.7 million), UAS raising between $1 million and $10 million Laboratories ($21.2 million), Promentis but a larger share of companies (11.6 Pharmaceuticals ($17.6 million), Fetch percent) raising between $100,000 and $1 Rewards ($10.4 million) and Redox ($10 million. million). “The number This may just be a temporary case of of early-stage In line with the national trend, there was a investor fatigue. The increased activity these decrease in number of deals and total past five years may be catching up to companies dollars raised. After 2016 – a year in which investors. A lot of companies have secured reporting the Wisconsin ecosystem set records for a lot of capital. While many of them may be activity – this indicates a return to normalcy successful and growing, not many of them investments and part of the natural ebb and flow. As have had the successful exits Wisconsin has shown such, it does not affect the otherwise needs to get new and existing investors positive trendline of the past seven years. excited and active. a strong In 2017, we saw fewer out-of-state investors finance Wisconsin startups, evidenced by This may also be an indication of a larger progression the decrease in Early Stage Seed tax credits shift within the industry, with VCs managing which dropped to its lowest level since larger funds and writing larger checks to since 2012. before 2010. Early Stage Seed tax credits fewer companies. The response from earlier It’s evidence are reserved for certified investment funds stage investors (seed/angel) is to then also under the Wisconsin Economic write bigger checks. While this keeps the that angel Development Corp. and are eligible for sale existing funding gap the same size, albeit and venture or transfer. shifts it later, it creates a new void at the front end, where new companies may not be investors are Another potential reason for the overall able to secure the funding needed to prove decrease is that investors are placing bigger their business concept.
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