Today, Jeff Buchanan of Xconomy posted an article asking “Did Milwaukee-Based Startups Really Raise $111 Million in 2016?” The article mentions a report by Startland.

I find the $111 Million number attributed to Startland to be highly suspect. I think the number should be closer to $77 Million. Even then, $52 Million was to one company.


I copied all the entries from FormDs.Com for Milwaukee for 2016 into a spreadsheet. Then, I removed all rows not related to startup funding. That is, I removed those with Industry Groups of: Commercial, Investing, Other, Other Real Estate, Pooled Investment Funds, REITS and Finance, Residential, and Retailing). I also removed an entry for Keystone Insights, Inc. that showed “Yet to Sell” for their amount, and the May 18, 2016, entry for Intelligent Digital Avatars for $140,000 since this amount was likely covered in the September 16, 2016, entry. All together, this brought the number of entries down from 78 to 13:


The above table, assuming it is correct, shows that Milwaukee-area startups raised just under $77 Million in 2016. One company (Connecture, Inc.) raised $52 Million, or nearly 68% of the funds. If we look at only those companies actually in Milwaukee, WI, the amount raised in 2016 shrinks to just over $14 Million.

Lastly, there are two sets of interesting entries in the above table. Starting at the bottom, the March 16, 2016 entry for Keystone Insights, Inc. is an “Amended” filing. I assume this means that a portion of the $1,142,688 funding was actually raised earlier and documented in a filing previous to 2016. Further, at the top, we see three entries for Titan Spine, LLC, that are dated close together (October 11, October 11, and December 30). It seems odd to me that Titan would have three raises so close together, and I wonder if some portion of those entries overlap. I’m not suggesting anything nefarious, I just find these entries to be interesting. But, if some of the funding for Keystone Insights, Inc. was from earlier than 2016, or if some of funding reported for Titan Spine, LLC, overlaps, this would bring the total raised for Milwaukee-area companies in 2016 as reported by FormDs.Com down even further.