St. Louis-based venture capital firm Cultivation Capital has raised $14 million for a new seed investment fund.
The firm has reported raising the $14 million for its Cultivation Capital Seed Fund III LP, according to a new filing with the U.S. Securities and Exchange Commission. The offering includes 19 investors, according to the filing.
Cultivation Capital declined to comment on the raise.
The new fund has been approved by the U.S. Small Business Administration as a Small Business Investment Co. (SBIC) impact fund, which requires a majority of the fund's capital be allocated in low-to-moderate income zones. The SEC filing lists Cultivation Capital co-founders and general partners as executives of the fund.
Founded in 2012, Cultivation Capital backs early stage companies in the software, life sciences, agriculture technology and geospatial technology sectors. It has invested in more than 150 companies since its launch. Cultivation Capital in the past has made seed stage investments through its Spirit of St. Louis Fund, which it has operated in conjunction with St. Louis-based Twain Financial Partners. The Spirit of St. Louis Fund makes initial investments of around $250,000, along with possible follow-on investments, according to Cultivation Capital’s website. Cultivation Capital in April 2023 reported it had raised more than $50 million for a new technology investment fund.
Cultivation Capital’s portfolio has included multiple St. Louis-based companies that achieved exits in recent years, including food technology firm Benson Hill, which became a publicly traded company in 2021; agtech firm CoverCress, which in August 2022 had a majority stake acquired by Bayer AG; and text messaging startup Textel, which in January 2023 was acquired by local software firm Capacity. Other significant St. Louis startups in Cultivation Capital’s portfolio include financial technology firm FinLocker, life sciences company Geneoscopy and software firm Balto.
