Insurance firm Northwestern Mutual and care provider Aurora Health Care each agreed on Monday to provide $5m of funding, mentoring and business resources for startups in the US city of Milwaukee.
Northwestern Mutual will invest through a fund called Cream City Venture Capital while Aurora will do so through a vehicle known as InvestMKE. The funding and resources will be allocated over a multiyear period and the units plan to work closely with each other.
Cream City will invest between $100,000 and $250,000 in each startup and will provide access to co-working space, advisors, mentors and technology resources from its parent company. It will be run by Craig Schedler, a partner at Northwestern’s VC unit, Northwestern Mutual Future Ventures.
Northwestern Mutual CEO John E. Schlifske said: “We recognise technology is a key driver of Milwaukee’s future and the private sector needs to play a lead role in getting us there.
“Cream City Venture Capital demonstrates our commitment to advancing the startup community to create a vibrant tech ecosystem in Milwaukee that attracts and retains top technology talent.”
InvestMKE will co-invest up to $1m in startups looking to make healthcare easier, more efficient and more specified for individuals. It will also supply access to its healthcare professionals and medical care data.
Nick Turkal, president and CEO of Aurora Health Care, said: “Technology is rapidly changing not only how we experience healthcare, but how we live our lives.
“Entrepreneurs right here in south-eastern 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 healthcare, ultimately helping people live well here at home.”