Four major organizations are coming together to create a $100 million venture capital fund in Milwaukee, Wisconsin. The Wisconn Valley Venture Fund is the fruit of a partnership between Advocate Aurora Health, Foxconn, Johnson Controls, and Northwestern Mutual as they look to make investments on national and international scales that will drive innovation while helping to support startups and companies.
Specifically, the VC fund is looking to help out businesses in the industries of healthcare, tech, manufacturing and finance, per a recent press release from Advocate Health.
The four organizations will split the initial cost even four ways as each of the organizations will put forth $25 million for the new project.
Leaders of the organizations see the project as being able to contribute to Wisconsin on the state level, as well.
“Since Foxconn announced our investment to help create Wisconn Valley one year ago, we have been working actively to contribute to a vibrant business and industry environment in the state,” said Terry Gou, founder and CEO of Foxconn. “We are pleased to partner with like-minded organizations who share Foxconn’s vision to revolutionize technical innovation through the fund.”
The fund will seek to foster innovation within the companies it supports as each of the four mentioned organizations will have a representative on the investment committee. Those officials will then look to hire an accomplished VC fund manager who will be based in Milwaukee so that he or she can direct the proper investment techniques.
As a major player in the healthcare field in Wisconsin, Advocate Aurora Health has dozens of hospitals in Wisconsin and nearby Illinois that reach 2 million patients each year.
“Technology will play a critical role in the future of health and wellness, and as a national health care leader, we are constantly looking for ways to make care better, safer and more convenient for consumers,” said Nick Turkal, M.D., president and CEO of Advocate Aurora Health in the company press release. “Through the fund, we can foster continued growth in the future of our region and promote new ways to improve health care delivery on a global scale.”