Winnebago Seed Fund

Winnebago Seed Fund pursues a 'Money for Minnows' investment strategy, emphasizing being the first investor in early-stage Wisconsin startup companies — primarily in the Fox Valley/Northeast Wisconsin region and secondarily across the state. Unlike 'Whale Hunting' funds that target specific technologies or large exits, the fund is industry-agnostic and focuses on seed-stage equity investments of approximately $400,000–$500,000, providing roughly 18 months of runway. In some situations, the fund actively forms new companies alongside product inventors. The $11 million fund operates under the Badger Fund of Funds umbrella and is backed by the State of Wisconsin, targeting potential exits in the $25–$50 million range.