As expected, the State Senate today passed the proposed $25 million venture capital bill by a 29-3 vote.

“This is a brilliant bipartisan plan that makes an investment in Wisconsin’s greatest asset: ourselves,” Sen. Rick Gudex (R-Fond du Lac) said in a statement. “I believe that this program will help spur our local economy while remaining accountable and transparent to the taxpayers.”

The bill, which passed out of a Senate committee 5-0 last week, calls for a 2-for-1 private investment match, meaning $50 million in private dollars will be required. All early stage companies must be based in Wisconsin to be eligible for funding. 

The State Assembly overwhelmingly supported the bill (AB 181) with a 91-2 vote.