The industry-focused VC vehicle is targeting $10m to make seed investments in companies including spinouts across technologies including robotics, internet-of-things and electronics.
US-based industry tech seed fund Forward Capital is aiming to raise $10m to back Wisconsin-based businesses including spinouts, Milwaukee Business News reported on Wednesday.
The vehicle’s investors include the state government-backed Badger Fund-of-Funds, which has a budget of at least $35m to set up six to eight VC firms across the state.
Forward Capital will target pre-revenue businesses and will typically invest approximately $500,000.
Led by serial entrepreneur Dan Voell, the vehicle will focus on Southeastern Wisconsin while also monitoring opportunities in the rest of the state, backing emerging technologies with industrial applications such as robotics, autonomous processes, internet-of-things, electronics and photonics.
Voell earned a bachelor’s of business studies degree from University of Wisconsin-Madison in 2001. His entrepreneurial record includes founding roles at contact wire manufacturer Modern Grinding and defunct executive-grade business intelligence platform GoBuzz.
Voell said: “There are not a ton of investors in…
