16 Jan New venture capital group to invest $10M in northern Wisconsin
A $10 million venture capital fund has been established in northern Wisconsin to invest in companies in the 18-county region called the New North. NEW Capital Fund, LP, is a private equity limited partnership with 75 investors, mostly from the region.
The fund is about to close and is already actively looking for companies to invest in. The ideal company would be an early-stage venture with intellectual property that qualifies under Act 255 and is located in the region. NEW has plans to invest in about 10 to 12 companies.
“I expect we’ll invest in about two companies this year,” said Charlie Goff, who provides management for the fund through its general partner, NEW Capital Management. Goff said the fund plans to follow a 10-year schedule, first finding prospects and arranging investments, then helping the companies grow for about five years and pursuing a private sale or other type of liquidity.
The fund will be directed by a 5-person board with investment and business experience and ties to the community. They are:
• Jeff Drake, of Neenah
• Richard Bergstrom, of Neenah
• Tim McCoy, of Green Bay
• Robert DeBruin, of Little Chute
• William Wernimont, of Oshkosh
• Also on WTN, Tom Still’s commentary: Angel capital helps to pave the way for venture investments