Northwestern Mutual and Aurora Health Care have announced commitments totaling $10 million to provide technology and health startups in Milwaukee with access to funding, business resources, and mentorship.
Through two venture funds, Northwestern Mutual's Cream City Venture Capital and Aurora Health Care's InvestMKE, the companies will invest $5 million each with the aim of maximizing growth opportunities for tech and health startups in the region. To that end, Cream City VC will provide early-stage funding to startups ranging from $100,000 to $250,000, as well as access to advisors, mentors, co-working space, and technology resources, while InvestMKE will co-invest up to $1 million in early-stage companies working to make health care easier, more efficient, and more personalized and will connect those companies with its network of health professionals and patient insights.
"We recognize technology is a key driver of Milwaukee's future and the private sector needs to play a lead role in getting us there," said Northwestern Mutual chair and CEO John E. Schlifske. "Cream City Venture Capital demonstrates our commitment to advancing the startup community [and creating] a vibrant tech ecosystem in Milwaukee that attracts and retains top technology talent."
"Technology is rapidly changing not only how we experience health care, but how we live our lives," said Aurora Health Care president and CEO Nick Turkal. "Entrepreneurs right here in southeastern Wisconsin are at the forefront of this revolution, developing and implementing ideas today that will make a difference tomorrow. Investment through the InvestMKE fund will help us deliver high-quality cost-effective health care, ultimately helping people live well here at home."