Missouri Technology Corp. (MTC) has committed funding to four St. Louis-based startups in its newest batch of venture capital investments.
MTC has awarded $2.4 million in equity funding to eight startups, four of which are based in St. Louis. The investments mark the third round of capital MTC has awarded from the $95 million it has been allocated through the U.S. Treasury Department’s State Small Business Credit Initiative (SSBCI). The federal funding has helped MTC, a public-private partnership, significantly increase its venture capital activity and begin providing funding on a quarterly basis to Missouri startups.
Created by the Missouri General Assembly, MTC is a public-private partnership that promotes entrepreneurship and provides investment to startups and entrepreneur support organizations. Through its venture capital program, Idea Fund, MTC has provided about $47 million in financing to 145-plus startups located throughout Missouri. Those businesses have raised $1.3 billion from other investors, according to MTC.
The local startups receiving capital through MTC’s latest round of investment include:
- Caeli Vascular Inc.: The startup says it’s developing technology to treat blood clots. It was founded out of Washington University.
- CapyBio: The startup is focused on developing “cell-based products” for regenerative medical treatments and medical research.
- Rezilient Health: Rezilient provides concierge primary care through its technology-focused health care clinics, which include a physical location for patients to visit and use technology that allows doctors to provide care remotely.
- Whistle Systems: Whistle provides software to companies that’s designed to help with employee engagement and retention.
MTC said a fifth startup, RevivBio, that received an investment has ties to St. Louis through BioGenerator, the startup creation and investment arm of innovation hub BioSTL. MTC also awarded capital to three Kansas City-based startups: SaRA Health, Saile and Serviam Care Network.
MTC did not disclose the specific investment amount it has provided for each company.
With its SSBCI funding, MTC in 2023 so far awarded more than $6.7 million to startups. MTC Executive Director Jack Scatizzi previously told St. Louis Inno that the SSBCI program will allow MTC to quadruple its pace of investment into early stage startups. In recent years, MTC has done one application cycle annually for its venture capital program, investing roughly $1 million to $2 million per year.
MTC is required to match every SSBCI dollar it invests with $10 from the private sector. Its Idea Fund is already structured as a co-investment program, meaning startups that seek capital from MTC must match it with private funding.
