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Northwestern Mutual and Aurora Health Care announced yesterday that each company will be investing $5 million to support Milwaukee startups. Along with funding, the corporations will provide mentorship and other resources to portfolio companies.
Though Northwestern Mutual’s Cream City Venture Capital fund and Aurora Health Care’s InvestMKE fund will each have independent investment criteria, they will be run in close collaboration in an effort to maximize the opportunities for funding, mentorship and technology development.
“We recognize technology is a key driver of Milwaukee’s future and the private sector needs to play a lead role in getting us there,” John E. Schlifske, chairman and CEO of Northwestern Mutual said in a press release.
Cream City VC will provide early stage funding for startups ranging from $100,000 to $250,000. They will also offer portfolio companies access to additional resources including advisors, mentors, co-working space and technology resources. Cream City VC investments will not be focused on a specific industry.
Through InvestMKE, Aurora will co-invest, alongside Cream City VC and other investment professionals, up to $1 million in early-stage companies in the health care sector. Aurora also plans to link companies with its vast network of health professionals and patient insights.
This announcement addresses a concern in the local tech community about the lack of venture capital in the market. Matt Cordio, co-founder and president of Skills Pipeline Group and Startup Milwaukee, along with Joe Kirgues, co-founder and managing director of gener8tor, mentioned a scarcity of investment activity in an article for the Shepherd Express earlier this year.
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