Foxconn, Advocate Aurora Health, Johnson Controls and Northwestern Mutual create $100 million venture fund

From JSOnline:

Rick Romell and Sarah Hauer, Milwaukee Journal Sentinel Published 4:28 p.m. CT Aug. 28, 2018 | Updated 4:30 p.m. CT Aug. 28, 2018

 

Foxconn, Advocate Aurora Health, Johnson Controls and Northwestern Mutual CEOS announce a $100 million venture Fund(Photo: Sarah Hauer, Milwaukee Journal Sentinel)

 

Four major corporations, all with a significant Wisconsin presence, on Tuesday announced they will jointly launch a $100 million venture capital fund.

Advocate Aurora Health, Foxconn Technology Group, Johnson Controls International, and Northwestern Mutual Life Insurance Co. each will all contribute $25 million to the fund. 

Named the Wisconn Valley Venture Fund — a reference to Foxconn title for the massive manufacturing complex it is building in Mount Pleasant — the fund will invest in companies both across the U.S. and globe in health care, technology, manufacturing and financial services.

The pot of venture money will be one of the largest in Wisconsin.

One of the funds run by Venture Investors of Wisconsin, the oldest and largest Wisconsin-based venture company, totals $118 million, and the firm’s most recently launched fund has $82.5 million, said John Neis, executive managing partner.

But the median venture capital fund in the state is well under $20 million, he said. And the national median – outside of venture-rich California, Massachusetts and New York – was $28.3 million in 2017, according to the National Venture Capital Association.

“Really great news,” Neis said of Tuesday’s announcemen

Read more:  https://www.jsonline.com/story/money/business/2018/08/28/foxconn-advocate-aurora-health-johnson-controls-and-northwestern-mutual-create-100-million-venture-f/1124290002/