The fund will back student-founded startups in Wisconsin under the management of a former member of UW-Madison's Office of Industrial Partnerships.

US-based Winnow Fund has raised an initial $6m for a seed fund geared to student-founded startups in the state of Wisconsin. The consortium is led by Badger Fund of Funds, a regional vehicle backed by the government of Wisconsin, and also includes Johnsonville Ventures, the corporate venture capital arm of sausage manufacturer Johnsonville. Utilities company MGE Energy, local news publisher Capital Times, Inventure Capital and N29 Capital Partners have also invested, as have more than two dozen angel investors. Winnow Fund will enter seed rounds for local student-founded startups but will also incubate some entrepreneurs at pre-incorporation stage. The vehicle is an affiliate of Badger Fund of Funds, which has collectively backed 20 startups in Wisconsin, since 2017, from the three funds it already runs. Winnow Fund’s managing partner is Richelle Martin, a former assistant director for the Office of Industrial Partnerships at University of Wisconsin-Madison. Ken Johnson, partner at Badger Fund of Funds, said: “Richelle Martin, the Winnow Fund manager, has had a singular focus over the last two years on raising capital and getting this fund launched. “Richelle showed extraordinary persistence and grit while not taking any compensation at all because she was so passionate about the need for a fund like this in Wisconsin.”

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