The Wisconsin Fund Coalition has formed to advance legislative discussion of the state budget proposal to invest $100 million in a privately matched, venture capital fund of funds, the organization announced recently.

“Throughout its history, Wisconsin has been at the forefront of innovation,” Wisconsin Economic Development Corporation CEO Missy Hughes said in a statement. “Gov. Evers’ proposed $100 million venture capital fund would allow Wisconsin entrepreneurs to secure needed next-step financing from in-state sources so they don’t have to look to–or move to–the coasts for capital.”

According to a release, eight former secretaries of the WEDC or its predecessor, the Wisconsin Department of Commerce, back the creation of the fund of funds, which would be matched by private dollars at a 2-to-1 ratio over the course of the fund.

To date, more than 50 individuals, companies and organizations have joined the coalition.