10 Jan Madison Development Corp. raises more capital for technology businesses
Madison, Wis. – Madison Development Corp. has announced a second round of funding for its Venture Debt Program for technology businesses, bringing the fund’s total capital to $4.274 million.
The Venture Debt Program provides debt financing to emerging-growth companies to help fill the void of scarce local venture capital resources. The fund targets companies that have a prototype or product, but need working capital or equipment to increase production to reach positive cash flow.
MDC Venture Debt Fund was increased by $2.2 million through commitments from the City of Madison’s Community Development Block Grant Program, the City of Fitchburg, and private-sector partners. They include MGE Energy, Johnson Bank, Anchor Bank, Associated Bank, M&I Bank, State Bank of Cross Plains, Capitol Bank, and First Business Bank.
Among its first-round borrowers were NeoClone, GenTel Biosciences, C5-6, Networked Insights, and BioSystem Development.
• Madison firm provides $200K in capital to tech companies
• BioSystem Development secures angel funding
• Madison business receives $115,000 of new state biofuels funding
• MDC provides venture funding for tech companies
• Winners of past business plan contests secure funding, credibility