Sixty-three startups that earned Qualified New Business Venture (QNBV) status through the Wisconsin Economic Development Corporation (WEDC) raised $48.4 million in private investment in 2012, the organized announced this week through a report.

“The results of the QNBV program have been overwhelmingly positive,” Gov. Scott Walker said in a statement. “This program, which has become a model in other states, has successfully leveraged investment in promising new companies in Wisconsin that are creating high-paying jobs.”

Private, angel and venture capital investors can be eligible for a 25 percent tax credit on the amount they invest in a QNBV business.

In 2011, 50 early-stage companies in Wisconsin leveraged more than $44 million. According to the WEDC, 237 companies have been certified since the program’s inception in 2005, and WEDC has verified $58.8 million in tax credits based on $235.2 million in qualified investment.