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Kegonsa Capital Partners, LLC is a leading Wisconsin venture capital management firm. KCP is the general partner of the Kegonsa Seed Fund I, LP, a seed venture capital fund, and the Kegonsa Coinvest Fund, LLC, an early stage growth venture capital fund. Kegonsa Capital Partners was founded in 2004 to manage Wisconsin-based venture capital funds focusing on being the first $500K investor in entrepreneurial startups. The Kegonsa Seed Fund I, LP had its final closing January 15, 2005. The Fund's committed capital is $10.725 million. Eleven of the 13 initial investments were seed venture capital investments (i.e., companies without revenues); 25 percent of the portfolio companies were created by Kegonsa Capital Partners management. In October 2007, the Fund experienced its first liquidity event when Jellyfish.com, a Fund portfolio company, was purchased for cash by Microsoft. This exit provided a return to Limited Partners of 15 times the Fund's initial investment. In May 2012, the Fund experienced its second liquidity event when Intelligent BioSystems, Inc, a Fund portfolio company, was purchased by QIAGEN. The exit provided a return of over three times the Fund's initial investment. The Fund's investment period ended January 15, 2010. To date, two of the 13 portfolio companies have failed and have been dissolved. Two portfolio companies have experienced an exit; one company completed a stock redemption repurchasing the Fund's stock; and eight companies are ongoing. The Seed Fund has a Wisconsin focus, as all eleven seed investments were made in companies headquartered in Wisconsin. In addition, one growth stage investment was made in a Boston company that was originally from Wisconsin. The Kegonsa Coinvest Fund is a Wisconsin-based growth stage investment fund. Since 2007 the Fund has made 13 investments totaling $7.6 million. 12 of the investments were in growth-stage companies (i.e., companies with revenue from product sales but who are not yet cash flow break even). The remaining investment was a late stage investment in which the Fund participated in an offering led by Goldman Sachs. Of the Fund's 13 investments, ten were made as part of a syndicate. Five of the ten syndicate offerings were led by the Fund. To date, one Fund portfolio company has had an exit; one portfolio company has been dissolved; and the remaining companies are ongoing. All of the Coinvest Fund portfolio companies are headquartered in Wisconsin. As of June 2022, the Badger Fund portfolio funds have invested in 35 Wisconsin-based startups.
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