Madison and Milwaukee are both among the top 20 best Midwest cities for startups, according to an annual list of 59 cities from Chicago’s M25, a venture firm that focuses on early-stage technology companies based in the Midwest.

Madison ranked No. 9, falling one spot compared with last year’s list, while Milwaukee maintained its No. 13 ranking. Green Bay ranked No. 35, Beloit ranked No. 40, Eau Claire ranked No. 44. and La Crosse ranked No. 50.

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