NVNG Investment Advisors has closed on a $50 million fund of funds, the firm announced recently.
Investors in the fund include Exact Sciences, Baird, Johnson Financial Group, West Bend Insurance and A.O. Smith, according to a release from the Madison-based firm. NVNG Co-Founder Grady Buchanan says its mission is to make the state’s entrepreneurial ecosystem globally competitive.
“This doesn’t happen without creating new ways of attracting capital and supporting an ecosystem here that is very much in transition and deserving of a venture capital network that we can provide,” he said.
NVNG had an initial fund close in 2021 after raising about $40 million, Buchanan said yesterday in an interview. The firm has now raised more than $50 million for its fund and an affiliated direct investment fund, he said, as one corporate investor upped its commitment since 2021 and others joined the fund.
That includes Milwaukee-based manufacturer A.O. Smith, which Buchanan praised for its “passion” for driving innovation through startup activity.
“The strategy has always been consistent,” he told WisBusiness.com. “We’re trying to invest in venture capital funds … but really trying to bridge the network of venture capital funds that are investing in things that are highly relevant to Wisconsin.”
He said funds in its portfolio are “highly driven” in the Midwest, or specialize in key industries for the region such as biotechnology and manufacturing. These specialties align with priorities for corporate innovation efforts in Wisconsin, Buchanan added.
The investment firm, which launched in November 2019, plans to make further strategic investments in both Wisconsin funds and startups based in the state.
See more at Madison Startups and the firm’s website, and listen to an earlier podcast with Buchanan.
