Missouri Technology Corp. (MTC) has recently invested $2.4 million in St. Louis startups, signaling a boost in venture capital activity in the region. MTC, a public-private partnership aimed at promoting entrepreneurship and providing investment to startups, has awarded equity funding to four St. Louis-based startups as part of its latest round of investments.
Overall, MTC has allocated $2.4 million in equity funding to eight startups, with four of them based in St. Louis. These investments mark the third round of capital awarded by MTC from the $95 million it received through the U.S. Treasury Department‘s State Small Business Credit Initiative (SSBCI). The federal funding has allowed MTC to significantly increase its venture capital activity and distribute funding to Missouri startups on a quarterly basis.
Established by the Missouri General Assembly, MTC’s venture capital program, Idea Fund, has provided a total of $47 million in financing to over 145 startups located throughout Missouri. These startups have collectively raised $1.3 billion from other investors, highlighting the program’s success in nurturing local entrepreneurial growth.
Among the St. Louis startups receiving capital from MTC’s latest investment round is RevivBio. Although not based solely in St. Louis, RevivBio has ties to the city through BioGenerator, the startup creation and investment arm of innovation hub BioSTL. In addition to the St. Louis startups, MTC has also awarded capital to three Kansas City-based startups: SaRA Health, Saile, and Serviam Care Network.
While MTC has not disclosed the specific investment amounts provided to each company, the SSBCI funding has enabled the organization to award over $6.7 million in total to startups so far this year. MTC’s Executive Director, Jack Scatizzi, has previously expressed that the SSBCI program will allow the organization to quadruple its pace of investment into early-stage startups. Previously, MTC conducted one application cycle annually for its venture capital program, investing around $1 million to $2 million per year.
MTC is mandated to match every SSBCI dollar it invests with $10 from the private sector. Already structured as a co-investment program, MTC’s Idea Fund requires startups to secure matching private funding in order to receive capital from MTC.
