MTC grant puts ‘cherry on top’ for KC startup closing its seed round; two more local companies earn MO funding
February 7, 2024 | Tommy Felts
A trio of Kansas City tech startups are among seven Missouri companies splitting $2.2 million in equity-based investments from the State of Missouri — a funding milestone that not only reflects momentum, but amplifies it, one grant-winning founder said.
The Missouri Technology Corporation on Tuesday announced the awards from its IDEA Fund, with investments slated for Kansas City-based backstitch, Foresight, and Likarda. Grant totals from MTC were not publicly disclosed.
MTC funding for Foresight — a fintech startup that uses generative AI to fuel small business lending — is a crucial component of closing the company’s $2 million seed round, said Jannae Gammage, co-founder of Foresight.
She called MTC’s grant “the cherry on top” of a mountain of recent accomplishments for the venture.
“It’s a testament to the incredible momentum Foresight has built over the past 90 days,” Gammage said. “Being selected to pitch at SXSW, one of the largest and most prestigious global stages, winning a $100,000 pitch competition, which catalyzed an additional $250,000 investment, alongside a $50,000 grant from LaunchKC, has been instrumental in fueling our progress.”
RELATED: LaunchKC awards $300K: Six new startups enter the winners’ circle with KC investments
“These achievements collectively underscore the traction we’re gaining, the confidence the community and investors have in us, and the impact of our work,” Gammage added.
Kansas City companies earning grants in the just-announced MTC funding cycle:
- Backstitch (Jordan Warzecha, Stefanie Warzecha) — A complete Employee Experience and Total Rewards Engagement Platform, purpose built for busy HR and IC teams. The platform increases productivity, reaches all employees, and accurately measure outcomes with marketing tools designed for workforce communications.
- Foresight (Jannae Gammage, Alaia Martin) — Specializes in delivering turnkey lending and credit solutions by integrating cutting-edge technology and decision science tailored to fintechs, lenders, and SaaS companies so that they can deploy capital to those that need it, when they need it.
- Likarda (Lisa Stehno-Bittel, Karthik Ramachandran) — A biotech company developing enabling technologies to transform how cell therapies are delivered and optimized, protecting cells from destruction and keeping them viable while maintaining them in the intended location within the body.
MTC also awarded funding through the IDEA Fund to Missouri-based Azome Therapeutics (St. Louis); Barbell Logic (Springfield); BIOIO (St. Louis); and King of the Curve (St. Louis).
MTC also this week announced funding awards through its MOBEC (Missouri Building Entrepreneurial Capacity) project grant program, including funds slated for Digital Sandbox KC at the UMKC Innovation Center; LaunchKC, a program operated by the Economic Development Council of Kansas City, Missouri, (EDCKC) and the Downtown Council; and Digital Health KC, an initiative launched by Bionexus KC.
With the boost from MTC’s IDEA Fund and the close of its seed round, Foresight is able to re-construct its core team and bring on an additional 10 employees from engineers to operations personnel, Gammage said.
“We’ve recently added the co-founder moniker to Alaia Martin (COO of Foresight and the startup’s first employee/investor) and we’re really excited about how she’ll grow Foresight with a little more power,” Gammage said.
“Our goal is to facilitate $100 million with our lending partners this year and we want a large chunk of that being injected right here in our backyard,” she continued. “It’s important to know that our own funding and growing network is actually here as well.”
Tuesday’s funding announcement was MTC’s first tranche of investments for the year. In 2023, MTC awarded more than $9 million in investment allocations through the IDEA Fund to 32 Missouri-based high-growth potential startups.
MTC awarded the following in each 2023 award cycle:
- More than $2 million in January to eight tech startups
- More than $2.3 million in April to seven tech startups
- More than $2.4 million in July to eight tech startups
- More than $2.4 million in October to nine tech startups
MTC currently accepts IDEA Fund applications continuously and reviews applications and makes awards on a quarterly basis.
Deadlines for full consideration for each quarterly application review cycle are:
- 11:59 p.m., Wednesday, Feb. 7 (April 2024 award cycle)
- 11:59 p.m., Wednesday, May 8 (July 2024 award cycle)
Click here to learn more about funding through MTC’s IDEA Fund programs.
Featured Business
2024 Startups to Watch
stats here
Related Posts on Startland News
Just funded: Digital Sandbox KC drops the hook for three more emerging tech startups
From optimizing trucking logistics to revolutionizing peer-to-peer recommendations and streamlining compliance with AI, the latest startups funded by Digital Sandbox KC are poised to make a significant impact in their industries, said Jill Meyer. “We’ve been truly impressed by the expertise and passion these founders bring to the table,” said Meyer, senior director of Technology…
Tech champion tapped to lead Patterson Family Foundation; How Maria Flynn plans to ‘make opportunity happen’ for rural communities
A startup leader, exited executive, and tech advocate who emerged from Cerner to become one of the most prominent voices for investing in Kansas City will now champion the region in a new way: as president and CEO of an influential nonprofit that bears her former boss’ name. Maria Flynn was announced Tuesday as the…
Lei Away staycation: Festival celebrates shared language of Aloha, tiki culture and creativity in KC
What began as a celebration of tiki vibes and tropical aesthetics has danced into an all-out luau that showcases authentic Polynesian traditions, culture and makers alongside local businesses and island enthusiasts, said Johnny Dawbarn. The three-day Lei Away 2024 festival returned this weekend to the Crossroads with events ranging from a talk on the history…
If you build it, they will come: KC leaders pitch downtown baseball to expats eying a return to home plate
Downtown baseball remains a winning prospect for Kansas City — and the Royals — civic and business leaders told a crowd of former residents who are considering a move back to KC, encouraging them to imagine a homecoming of big league proportions. “I think everyone agrees that Major League Baseball is a downtown sport,” Jon Stephens,…