Missouri Technology Corp. (MTC) has committed funding to three St. Louis-based startups in its newest batch of venture capital investments.
MTC said this week it has awarded $2.2 million in equity funding to seven startups, three of which are based in the St. Louis region. MTC this week also said it has provided more than $3 million through its 2024 Missouri Building Entrepreneurial Capacity grant program, with a pair of St. Louis groups getting a share of the funding.
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 $49 million in financing to 150 startups located throughout the state. Those businesses have raised $1.3 billion from other investors since 2018, according to MTC.
MTC has ramped up its funding in the past year, beginning to invest in companies quarterly, thanks to $95 million it has been allocated through the U.S. Treasury Department’s State Small Business Credit Initiative (SSBCI). MTC in 2023 awarded more than $9 million to 32 startups.
The St. Louis-area companies awarded funding from MTC through its latest cycle of investment are:
Azome Therapeutics Inc.: The drug development company says it is working to create therapeutics for inflammatory diseases.
BIOIO Inc.: The startup is developing drugs for cancer and says its technology has “the potential to be used as drugs to prolong human life and increase quality of life.”
King of the Curve: The startup has created a mobile app that can be used to study for the Medical College Admission Test (MCAT), as well as other standardized tests.
Other startups receiving investment from MTC include employee engagement firm Backstitch Inc. (Kansas City), online coaching startup Barbell Logic Inc. (Springfield), biotechnology firm Likarda LLC (Kansas City) and lending software firm Foresight Reporting Inc. (Kansas City).
MTC said the $3 million-plus it is providing in MOBEC grants includes awards to the 39 North Agtech Innovation District in Creve Coeur and the Cortex Innovation District in the Central West End. 39 North’s funding will go toward operations while Cortex’s award is for a project called Venture Ready Missouri, which involves Cortex teaming up with St. Louis investor Capital Innovators to prepare local startups and entrepreneurs to seek out venture capital funding to finance their companies.
