— TitletownTech now has $95 million in assets under management after recently closing on a $70 million fund.
The Green Bay venture capital firm yesterday announced 27 new and existing investors contributed to its second fund, including the Green Bay Packers and Microsoft, which collaborated to launch the firm in 2019.
“More than doubling the size of our first fund demonstrates the trust and confidence our investors have in the strength of our team and portfolio,” Managing Director Craig Dickman said in the release. “With new and existing investors working alongside us, we are uniquely positioned to support founders and portfolio companies.”
TitletownTech is focused on startup companies in the following industry clusters: sports, media, and entertainment; health and wellness; agriculture, water and environment; manufacturing and construction; supply chain and logistics; and other technologies.
The firm says it has invested in more than 30 companies, with the majority of recipients of its initial fund being first-time founders. Plus, more than half of its portfolio companies have gone on to raise more capital, according to yesterday’s release.
Some of its previous investments include computer modeling startup Synthetaic, tabletop role-playing game company Demiplane, a hydroponic farming business called Fork Farms, and the virtual reality sports game company StatusPRO.
In a statement on the new fund closing, Microsoft President and Vice Chair Brad Smith touts the “long legacy of innovation” in Wisconsin and across the Midwest.
“Today, this winning formula is gaining momentum with the new startups, new talent, and another round of funding,” Smith said.
See more in the release: https://www.wisbusiness.com/2023/titletowntech-closes-70m-second-fund-bringing-total-capital-raised-to-95-million/
Listen to an earlier podcast with TitletownTech partner Cordero Barkley: https://www.wisbusiness.com/2022/wisbusiness-the-podcast-with-cordero-barkley-titletowntech/
— The Green Bay Packers Foundation is matching up to $250,000 in donations to the Urban League of Greater Madison’s Black Business Hub and Accelerator Project.
The groups yesterday announced the matching grant challenge for the fundraising campaign, with the foundation pledging to match donor contributions made by Sept. 30 up to a total of $250,000. The Urban League hopes to raise at least $29 million for the effort, and has already brought in more than $26 million.
The 80,000-square-foot hub aims to support underserved entrepreneurs and small business owners in the Madison area through legal and financial assistance, business planning, mentorship, education and other resources.
“We believe in the power of the Hub to make a real difference in the region, and we are excited to see it come to life,” Mark Murphy, president and CEO of the Packers, said in a statement. “It will serve as a catalyst for economic opportunity and help to build a more equitable community.”
See more on the project here: https://ulgm.org/donate-hub/
— GOP lawmakers have launched a website promoting legislation to establish a new nursing license in Wisconsin.
The legislators yesterday announced the launch of www.QualifiedtoHeal.com, which includes a link to a petition in favor of the APRN Modernization Act, as well as statements of support from nurses around the state.
According to an overview on the site, the goal of the bill is to remove the titles of advanced practice nurse and advanced practice nurse prescriber and establish a licensure system for advanced practice registered nurses under the Board of Nursing.
Under the bill, APRNs could operate clinics without a collaboration agreement with licensed physicians. It would also establish four roles under the new APRN license: certified nurse-midwife, certified registered nurse anesthetist, clinical nurse specialist and nurse practitioner.
Bill authors include Sens. Patrick Testin, R-Stevens Point, and Rachael Cabral-Guevara, R-Appleton, and Rep. Gae Magnafici, R-Dresser. Cabral-Guevara, owner of Nurse Practitioner Health Services LLC, says the website will “give the public further insight into what we do now and what could be done to improve health care outcomes in Wisconsin.”
Proponents argue the bill would help address health care staffing shortages by expanding the scope of practice for nurses in the state.
But Gov. Tony Evers vetoed an earlier version of the bill, noting it didn’t address “issues raised by parties in the medical profession” that he says weren’t addressed during the legislative process.
In his April 2022 veto message, the guv said he objects to “altering current licensure standards for APRNs, allowing practices functionally equivalent to those of physicians or potentially omitting physicians from a patient’s care altogether notwithstanding significant differences in required education, training, and experience.”
Supporters of the bill include the Wisconsin Nurses Association, the Wisconsin Association of Nurse Anesthetists, the Wisconsin Public Health Association, Wisconsin Manufacturers & Commerce and other groups.
See the site: https://legis.wisconsin.gov/senate/24/testin/aprn/home/
See the release: https://www.wisbusiness.com/2023/sen-testin-qualifiedtoheal-com-launches-sharing-nurses-stories/
<br><b><i>Top headlines from the Health Care Report</b></i>
— The parties in the lawsuit challenging the state’s 1849 abortion ban want to wrap up briefs by Sept. 20.
<i>For more of the most relevant news on COVID-19, reports on groundbreaking health research in Wisconsin, links to top stories and more, sign up today for the free daily Health Care Report from WisPolitics.com and WisBusiness.com.</i>
Sign up here: http://forms.gle/o8FtqTLviGJPja8C9
— Rep. David Steffen has introduced a bill that would exempt baby essentials such as diapers and car seats from sales tax.
The news comes as Wisconsin sits atop a projected $4 billion surplus after Republicans failed to get their major income tax overhaul past Gov. Tony Evers. The Legislative Fiscal Bureau found the “Tiny Tot Tax Cut” would save Wisconsinites about $37 million every two years. Steffen in a statement noted Florida recently passed similar legislation.
“The bottom line is that the cost of raising kids adds up, and things like diapers, bottles, car seats and safety gates aren’t luxuries that families can simply eliminate during this inflationary economy,” the Howard Republican said. “This proposal is a creative solution to help reduce the financial stress on our young families while ensuring our kids have the products they need.”
An exemption on diapers alone would save Wisconsin parents about $18.7 million over the next two years, according to the LFB analysis.
See more at WisPolitics.com: https://www.wispolitics.com/2023/mon-pm-update-rnc-taps-wisconsin-for-first-early-voting-initiative/
#TOP STORIES#
# Wisconsin joins USDA partnership tackling lack of competition in agriculture, food industry
# 2023 mid-year economic forecast: Milwaukee hotel industry slow to recover from pandemic, despite increase in tourism
# Diamond Sports, parent of Bally Sports Wisconsin, sues Sinclair Broadcast Group
#TOPICS#
# BANKING
– F Street receives investment from Brighton Asset Management
# CONSTRUCTION
– Construction jobs surge in 33 states, housing starts slide and worker salaries jump in AGC digest
# ECONOMY
– Study finds shipping in the Great Lakes and St. Lawrence River supports more than 240K jobs
# EDUCATION
– Wisconsin students still majoring in education, but teacher retention is down
# ENVIRONMENT
– Another air quality advisory has been issued for Milwaukee and other Wisconsin counties
– Wetlands were everywhere on the Great Lakes, how one project is helping save them
# FINANCIAL SERVICES
– Northwestern Mutual annual convention brings thousands to downtown Milwaukee
# HEALTH CARE
– What’s next for the ‘Year of Mental Health?’
# LABOR
– Wisconsin restaurant owner owes more than $270K in employee back pay, violated child labor laws
– Wisconsin dairy industry navigates labor shortage with focus on employee well-being
http://wisconsinagconnection.com/story-state.php?Id=708&yr=2023
# LEGAL
– Owner of Casa Tequila restaurants owes more than $272,000 in back wages
# MANUFACTURING
– Union ratifies new 5-year contract with Kohler Co.
# POLITICS
– Wisconsin officials seek legislators’ permission to drop lawsuit challenging border wall funding
– Republican bill would eliminate sales taxes on diapers and other child care products
# REAL ESTATE
– S.C. Johnson & Son has purchased a Mt. Pleasant property to accommodate its growth
# RETAIL
– Duluth Trading Co. adds former Google exec to board as merchant goes ‘digital first’
# SMALL BUSINESS
– Madison jeweler makes ‘a really dope pair of earrings’
# SPORTS
– Green Bay packers acquire cheesehead maker Foamation
# TECHNOLOGY
– TitletownTech closes $70M second fund, nearly triple the size of its first
– Jump Start: West Allis startup WorkShift looking to revolutionize gig work for hospitality industry
# PRESS RELEASES
<i>See these and other press releases:
https://www.wisbusiness.com/press-releases/ </i>
Rep. Sapik: Western Caucus/Cenovus
U.S. Dept. of Agriculture NASS: Wisconsin Ag News – Chickens & Eggs
