Arch Grants growing St. Louis startups
ST. LOUIS, Mo. — Thanks to new funding from the State of Missouri, St. Louis startups will have access to more opportunities and resources to build their business. The $1 million in funding is being administered by startup accelerator Arch Grants.
“We are very appreciative of the efforts of Gov. (Jay) Nixon and the state legislature to ensure Missouri Technology Corporation has the funds it needs to create jobs by investing in tech startups and entrepreneur support organizations like Arch Grants,” said Ginger Imster, ARCH Grants executive director. “High-tech, scalable businesses with the potential for national or international impact are huge economic drivers for Missouri. Through continued funding, Missouri is becoming the hub for entrepreneurship in the Midwest and is an especially attractive place to start and grow a tech startup.”
Created in 1994 to promote entrepreneurship and foster the growth of high-tech companies, the Missouri Technology Corporation was significantly underfunded until Nixon took office. Under Nixon’s leadership, MTC has provided more than $24 million to 70 startups, helping these companies leverage $200 million in private capital to commercialize their products and services, create jobs and grow.
The $1 million award to Arch Grants follows two other grant announcements made this fall. In September, Nixon awarded $1.19 million in grants to three Kansas City organizations to support the region’s startup community ($565,000 to LaunchKC; $500,000 to Digital Sandbox; $125,000 to the Independence Economic Development Council). Last month, Gov. Nixon announced a total of $675,000 in state funding to organizations in Springfield ($350,000 to Springfield Innovation, Inc.) and Cape Girardeau ($325,000 to 1st50K). These grants will help these organizations provide mentorship, facilities and co-working spaces, access to capital, and other valuable resources to local entrepreneurs.
ARCH Grants is a nonprofit organization that accelerates economic development and community revitalization by providing $50,000 equity-free grants and pro bono support services to entrepreneurs who locate their early-stage businesses in St. Louis. Missouri provided an initial grant to help catalyze fundraising to launch ARCH Grants in 2011, and has since provided crucial support over the years, totaling $650,000.