BrightStar announces first 2017 investment and sale of tax credits
MILWAUKEE, Feb. 28, 2017 – BrightStar Wisconsin Foundation Inc. today announced its first investment of 2017, HuTerra Rewards. They offer a technology platform that empowers consumers to more efficiently support nonprofits and local businesses in their community. Once a consumer downloads the HuTerra app, receipts from purchases made at participating local stores, service stations, or restaurants can be scanned by their smartphones and a set percentage of that purchase gets automatically allocated to that consumer’s selected charity.
The Foundation hopes that this most recent investment will not just create high quality jobs in the state, but that its business model will also help countless small businesses and non-profits throughout the country as well.
“There are so many things to like about HuTerra, from the track record of the people involved to the positive results on communities when the business is successful,” said BrightStar board and investment committee member Pam Evason. “I’m also excited that we made our first investment in the Green Bay area.”
BrightStar also disclosed it netted over $367,000 from the sale of Wisconsin Early Stage Seed Tax Credits. The Foundation sells its credits to offset its annual operational expenses. “Once again, the Wisconsin state investment tax credits will continue to allow 100% of the donations to BrightStar to go towards the mission of investing in innovative Wisconsin entrepreneurs,” said BrightStar President and CEO Tom Shannon.
The credits were sold to a group of individuals as well as one of BrightStar’s new partners, American Family Insurance.
About the BrightStar Wisconsin Foundation Inc.
BrightStar is a 501(c)(3) non-profit foundation created to facilitate job creation and increase Wisconsin’s economic activity by deploying donated funds into equity stakes in early-stage, rapid growth companies. This unique approach enables the formation of new investment capital in Wisconsin through charitable donations to the foundation.