Madison’s TruStage Ventures targets investments in Veteran-Owned Fintech Startups

Madison, Wisconsin-based TruStage Ventures, the venture capital arm of financial services company TruStage, announced it would aim to broaden its Discovery Fund portfolio by intentionally including more startups founded by veterans, specifically in fintech. 

The Discovery Fund was created in 2021 with the mission of backing underrepresented founders and pushing positive economic impact through community-centric solutions in finance. Thus far, it has a 100% survival rate across its 25 investments in those four years. Elizabeth McCluskey, who manages the Discovery Fund, described the move as a means to give veteran entrepreneurs a better shot at seed-stage funding, “this will… empower veteran entrepreneurs to develop ideas and scale fintech solutions that can drive lasting economic impact for all" she said.

According to data published by Syracuse University, veterans are more likely to be entrepreneurs than non-veterans. However, comparison rates have been declining in recent years and veterans still face hurdles when it comes to securing funding. 

Dennis Cail, a Navy vet and co-founder of Zirtue, a peer-to-peer lending platform and one of the fund’s portfolio companies, stressed that TruStage Ventures does more than just provide capital, saying that the fund "didn't just invest, they opened doors, made strategic introductions, and empowered us to think long-term. Their early belief and ongoing support in our mission gave us the credibility and capital we needed to scale."

TruStage says there is a close alignment between the veteran community and credit unions: suggesting ties with 93% of all credit unions in the country, including military-focused institutions like the Defense Credit Union Council, which covers more than 180 military credit unions. 

"We recognize a strong parallel between veterans and credit unions, with a shared focus on service, integrity and community," McCluskey added, hinting that these values may be important in helping foster the success of veteran-led startups.

The Discovery Fund itself was created specifically to combat inequities in financial services, mainly by investing in founders from traditionally underrepresented groups including BIPOC, LGBTQ+, and female entrepreneurs. The fund has invested roughly $5 million annually into these groups, supporting startups at various early funding stages, investing up to $1 million. The fund has also helped facilitate over 100 strategic connections for these startups, giving them better access to credit unions and other financial institutions. 

TruStage Ventures' goal to support veteran entrepreneurs is matched by other funds. The VentureVets Fund, founded in 2025, specifically targets ventures led by veterans, first responders, and military spouses across different industries. This fund emphasizes scalable solutions and sustainable community impact. Both funds demonstrate awareness of the unique perspectives and value veterans can bring to the table, even though funding obstacles remain.

At the same time, this is another example of ongoing efforts within the investment circles to address the systemic gaps in funding faced by underrepresented entrepreneurs. For veteran entrepreneurs these kinds of developments could help them turn military leadership into innovative civilian solutions, particularly in fintech.