Two national reports offer differing reviews of Q1 VC activity in Wisconsin

MoneyTree, PitchBook track deals in state

Two new reports on Wisconsin’s first quarter venture capital activity offer insight on how the year has kicked off for startup investment in the state.

Data from the new quarterly PricewaterhouseCoopers/CB Insights MoneyTree Report shows Wisconsin saw five venture capital deals totaling $25 million in the first quarter, up from one deal totaling $294,000 in the first quarter of 2018.

The Q1 2019 deals included in the MoneyTree Report were: Madison-based Goods Unite Us’ seed stage deal of $500,000; Milwaukee-based Bright Cellars’ early-stage deal of $8.5 million; Madison-based Wellbe’s expansion stage deal of $5 million; and Monona-based Phoenix’s two “other” deals totaling $10 million in the first quarter. The 2018 deal was for Madison-based Allergy Amulet, which raised $294,000.

Wisconsin saw 29 deals totaling $141 million in venture capital investment in all of 2018, according to the MoneyTree report. That was up from 29 deals totaling $87 million in 2017.

However, another report released this month, the quarterly Venture Monitor from PitchBook and the National Venture Capital Association, counted seven Wisconsin VC deals totaling $20.1 million in the first quarter, down from 16 deals totaling $30.3 million in the first quarter of 2018.

According to the Venture Monitor, the Milwaukee-Waukesha-West Allis metro area saw three deals totaling $9.4 million in the first quarter, down from five deals totaling $14.7 million in the first quarter of 2018.

PitchBook also listed its top Wisconsin deals in the first quarter: Milwaukee-based Bright Cellars’ $8.5 million series A round; Fasetto’s $6 million; Madison-based ImageMoverMD Inc.’s $4 million round; Waukesha-based Part Analytics’ $630,000 round; Madison-based Goods Unite Us’ $500,000 round; Brookfield-based basic-code’s $250,000 round; and Dianomi Therapeutics’ $190,000 round. Dianomi did indicate in a January SEC filing that it was seeking a total of $2 million in that round.

PitchBook’s top Wisconsin exit in the first quarter was Propeller Health, which in January was sold for $225 million.

Two new reports on Wisconsin’s first quarter venture capital activity offer insight on how the year has kicked off for startup investment in the state.

Data from the new quarterly PricewaterhouseCoopers/CB Insights MoneyTree Report shows Wisconsin saw five venture capital deals totaling $25 million in the first quarter, up from one deal totaling $294,000 in the first quarter of 2018.

The Q1 2019 deals included in the MoneyTree Report were: Madison-based Goods Unite Us’ seed stage deal of $500,000; Milwaukee-based Bright Cellars’ early-stage deal of $8.5 million; Madison-based Wellbe’s expansion stage deal of $5 million; and Monona-based Phoenix’s two “other” deals totaling $10 million in the first quarter. The 2018 deal was for Madison-based Allergy Amulet, which raised $294,000.

Wisconsin saw 29 deals totaling $141 million in venture capital investment in all of 2018, according to the MoneyTree report. That was up from 29 deals totaling $87 million in 2017.

However, another report released this month, the quarterly Venture Monitor from PitchBook and the National Venture Capital Association, counted seven Wisconsin VC deals totaling $20.1 million in the first quarter, down from 16 deals totaling $30.3 million in the first quarter of 2018.

According to the Venture Monitor, the Milwaukee-Waukesha-West Allis metro area saw three deals totaling $9.4 million in the first quarter, down from five deals totaling $14.7 million in the first quarter of 2018.

PitchBook also listed its top Wisconsin deals in the first quarter: Milwaukee-based Bright Cellars’ $8.5 million series A round; Fasetto’s $6 million; Madison-based ImageMoverMD Inc.’s $4 million round; Waukesha-based Part Analytics’ $630,000 round; Madison-based Goods Unite Us’ $500,000 round; Brookfield-based basic-code’s $250,000 round; and Dianomi Therapeutics’ $190,000 round. Dianomi did indicate in a January SEC filing that it was seeking a total of $2 million in that round.

PitchBook’s top Wisconsin exit in the first quarter was Propeller Health, which in January was sold for $225 million.

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