Badger Fund of Funds is investing $2.4 million in a new venture capital fund called Mastercraft Ventures, the organization announced today.
Located in Beloit, Wis., Mastercraft Ventures seeks to generate investor return by investing in Wisconsin-based startup companies.
“With Microsoft investing $3.3 billion in Racine County, and the Hendricks family commitment to growing Beloit, now seemed like the ideal time for a Rock County venture fund focused on Southern Wisconsin,” Badger Fund Managing Director Ken Johnson said in a statement. “(Founder) Mason Cook has spent the past year working with the Badger Fund team to develop the Mastercraft investment strategy.”
According to a release, Mastercraft Ventures expects to register with the Wisconsin Economic Development Corporation (WEDC) to obtain qualified venture fund certification. Once obtained, this designation will offer eligible investors Wisconsin tax benefits when the fund invests in Wisconsin-based startups recognized as qualified new business ventures.
To date, the Badger Fund of Funds has invested $25 million in venture capital funds throughout the state.