Governor Tony Evers has announced a public-private venture capital initiative that will invest $100 million in start-up businesses located throughout the state.

The Wisconsin Investment Fund “will be the biggest public-private investment in Wisconsin start-ups and entrepreneurs in our state’s history,” according to Governor Evers, “as the businesses receive these investments start to grow, the value of the fund will grow with them, creating new opportunities to help even more businesses expand.”

The venture capital firms will be required to match each dollar of public funds with at least one dollar of private money, which will initially double the impact of the state’s investment, according to a statement by the Wisconsin Economic Development Corporation (WEDC).

The U.S. Treasury’s State Small Business Credit Initiative is providing the $50 million that will make up the state’s portion of the investment fund.

WEDC expects the fund will create at least a $500 million impact as companies selected by the fund continue their growth.

WEDC says the fund plans to invest in innovative companies in technology, healthcare, agriculture, manufacturing, and many other areas, but the initial focus will be biohealth, with at least $27 million allocated to that sector.

“Wisconsin has always been a leader in bringing great, innovative ideas to the world,” said WEDC Secretary and CEO Missy Hughes, “to make these ideas a reality and drive our state’s economy forward, innovators need capital. This public-private effort puts a stake in the ground that Wisconsin is committed to entrepreneurship and innovation.”