TitletownTech closes $70 million second fund

Heather Graves

Staff

July 26, 2023

GREEN BAY – TitletownTech (TTT) – a venture capital firm formed out of a partnership between the Green Bay Packers and Microsoft – announced the successful closure of its second fund.

Closing at $70 million from 27 new and existing investors, the Fund II amount brings the total capital raised since 2019 to $95 million.

“More than doubling the size of our first fund demonstrates the trust and confidence our investors have in the strength of our team and portfolio,” TitletownTech Managing Director Craig Dickman said. “With new and existing investors working alongside us, we are uniquely positioned to support founders and portfolio companies.”

Dickman said one wouldn’t necessarily look at the Packers and Microsoft and think it’s an obvious partnership.

“In this case, I think both Packers and Microsoft saw an opportunity here in Green Bay, to really energize the early stage community and focus on innovation and find ways to continue to bring talent into our region.”

The two organizations, Dickman said, recognized that for a region to be competitive, there is an opportunity to think about the digital environment we are entering. 

“I think with a common purpose the Packers and Microsoft decided to start something,” he said. “And I think that makes it a really interesting story – not the two of them (individually), but how the two of them catalyzed what has ultimately become TitletownTech.” 

Dickman said the TitletownTech Venture Fund corporate investor base, which supports the investment in high-growth startups, highlights expertise across individual domains and TitletownTech’s industries of investment in areas core to the Midwest.

TTT, Dickman said, focuses on five verticals – sports/media/entertainment; health/wellness; agriculture/water/environment; manufacturing/construction; supply chain/logistics; and cross-industry technologies.

“(These are) things that are inherent in Wisconsin and the Upper Midwest, where we just have a distinct advantage over everywhere else,” he said. “Of course with the Packers, sports media entertainment is part of it – the Packers are certainly a big draw.”

Dickman said TTT also looks at ways to use technology and data to improve health and healthcare.

Since 2019, TitletownTech – a venture capital firm formed out of a partnership between the Green Bay Packers and Microsoft – has raised $95 million in total capital. Submitted Photo

“We are also big believers in building things – so manufacturing and construction,” he said. “We have some of the best minds in the world, and some of the strongest manufacturers in the world are right here around us.”

Dickman said there is also a focus on supply chain technology and the art of moving things.

“To be good at making things, you have to be good at moving things – that’s part of the game,” he said. “And then the last, but certainly not least, is… the role the State of Wisconsin has in agriculture, food, sustainability, water and environment.”

Green Bay Packers President and CEO Mark Murphy said through TitletownTech, “we’ve learned entrepreneurship is a team sport, which is why we’re pleased to continue supporting entrepreneurs and inspiring others to embrace innovation.”

Murphy said TitletownTech has the “potential to be one of the most impactful things we do for the organization, community and beyond.”

Dickman said there are a number of sports teams that have similarly focused venture companies, but focus a majority of its work on sports.

“That is not the Packers’ mindset,” he said.

Located in the heart of the Titletown District in the shadows of Lambeau Field, Dickman said TitletownTech was launched to catalyze a network of champions to support startup founders and their teams.

“When we teamed up with the Packers five years ago to bring more entrepreneurship and opportunity to Green Bay, we were tapping into a long legacy of innovation in Wisconsin and across the Midwest,” Brad Smith, Vice Chair and President of Microsoft, said. “Today, this winning formula is gaining momentum with the new startups, new talent and another round of funding.”

TitletownTech has invested in many early-stage companies, such as Synthetaic, Demiplane, Chemdirect, Stemloop, Fork Farms and StatusPRO.

“Starting a successful company takes a lot more than a good idea and funding,” Synthetaic CEO and Founder Corey Jaskolski said. “It also requires a local critical mass of talent, partnerships and energy. TitletownTech is a unique focal point that brings all these pieces together and has been key to Synthetaic’s success to date.”

Under the leadership of Managing Directors Dickman and Jill Enos, along with Partner Cordero Barkley, TitletownTech has invested in more than 30 companies, with three relocating to Green Bay and several working in residence at TitletownTech.

“We weren’t sure if that was possible,” Dickman said. “But we had a company move from Los Angeles, one from Denver and one from New York City to come here. And that was a real testament to the fact they believe this was going to be a better environment to build their business than where they were before.” 

The majority of TTT’s Fund I portfolio companies are led by first-time founders and more than 50% have gone on to raise additional capital.

Dickman said TTT has already invested in 10 companies from Fund II.