ST. LOUIS, Aug 18, 2017 –The St. Louis Regional Chamber, in partnership with Cultivation Capital, Twain Financial Partners and local banks, will open up $5 million in new seed capital for the region’s highest impact startups. The Spirit of St. Louis Fund I is part of the Chamber’s strategic efforts to create jobs and attract investment through entrepreneurship and innovation. Chamber President and CEO Joe Reagan announced the Fund’s launch during its 180th Annual Event celebration at Chaifetz Arena Thursday night.
Based on its research and feedback from St. Louis area startups, the Chamber discovered St. Louis suffers from a seed round funding gap known as the “valley of death.” The St. Louis region has created a robust network of accelerator programs to get startups going, and has also made solid progress toward making later rounds of financing available to companies heading to market. But seed round funding is necessary to help promising startup companies invest in the jobs and infrastructure needed to take their businesses to the next level.
Since 2013, the Chamber has deployed over $1 million in capital funding to area funds and accelerators, which has turned into over 600 high-paying jobs and nearly $100 million in new capital investment for startup businesses. Nationally recognized funds and accelerators SixThirty, 630 Cyber, Stadia Ventures, Prosper Women Entrepreneurs, the Yield Lab, and the St. Louis Fashion Fund are among the Chamber’s successful investment portfolio. This is the Chamber’s first venture into seed round financing.
“St. Louis has received great press and recognition for becoming a global startup hub, especially in areas like financial technology and biosciences, “said Chamber Vice President of Entrepreneurship and Innovation Andrew Smith. “But to help startups create new jobs and become the next Express Scripts or Boeing, we need to support them at every stage of growth. This is what the Spirit of St. Louis Fund I and the Chamber aims to do.”
Applicants interested Spirit of St. Louis Fund I seed rounding funding can contact Cultivation Capital to discuss eligibility. Find out more at www.cultivationcapital.com.