The Winnow Fund, formed by the Badger Fund of Funds to focus on college entrepreneurs, announced recently that is has raised $3.5 million.

With Richelle Martin as its managing director, the Winnow Fund also announced that it is the only Wisconsin-based venture fund that is led by a woman and is actively investing in Wisconsin.

“In a state where there is a lot of corporate brand building and talk around diversity, there has been a surprising lack of commitment to diversifying our venture capital ecosystem,” Ken Johnson of Sun Mountain Kegonsa, which manages the Badger Fund, said in a statement. “The Winnow Fund provides Wisconsin with an opportunity to be a national VC ecosystem leader.”

Martin will visit campuses across Wisconsin on behalf of the fund, which is based in Madison and is ultimately seeking to invest $8 million.