MTC’s spring $1.4M investment cycle loops Facility Ally, DevStride into equity deals
May 8, 2024 | Startland News Staff
Two Kansas City startups are among a handful of Missouri companies receiving a collective $1.4 million in investment allocations through a state-sponsored venture capital program.
Facility Ally, led by serial entrepreneur Luke Wade; and DevStride, co-founded by Phil Reynolds, Chastin Reynolds, Aaron Saloff and Kujtim Hoxha; must now complete the Missouri Technology Corporation’s due diligence process for the IDEA Fund, which includes raising required matching funds.
RELATED: MTC hits $50M investment milestone through its state-sponsored venture capital program
Support from MTC further proves Facility Ally is on the right track, said Wade, adding it’s validating for others to see what his team is building and believe in the vision.
Sports tech startup Facility Ally helps manage court/field bookings, leagues, event sign-ups, lessons, classes, memberships, and more, all in one system.
“We plan to use the funding to hire more local sales and development team members right here in Kansas City,” said Wade, noting Facility Ally is still raising its next round. “I believe we stood out in the application process due to the traction we gained in 2023 and so far this year plus our desire to continue to hire locally and grow our team in Kansas City, Missouri.”
Fellow awardee DevStride is an integrated project and portfolio management solution designed for complex organizations that want to bridge the gap between internal agile practices and rigid external commitments. DevStride eases friction between agile workflows and regulatory, statutory and contractual requirements by meeting stakeholders where they are in their agile transformation journeys.
Co-founders Phil and Chastin Reynolds relocated to Kansas City in 2021 from Springfield, Missouri.
“I have found that there is this genuine culture of founders cheering each other on and trying to offer meaningful, helpful support,” Phil Reynolds told Startland News previously. “There’s just a lot going on, and everybody is very friendly and collaborative. I couldn’t appreciate it more.”
Additional equity investments were announced for three St. Louis companies:
- Maximum Fidelity Surgical Simulations — creates hyper-realistic surgical simulations using EnvivoPC, which is a patented and proprietary cadaver perfusion system. Customizing every surgical simulation experience to match the unique needs of their customers, whether it is for military training, research and product development, or medical education.
- Pairidex — a clinical diagnostics company that offers laboratory-based testing for cancer detection. Pairidex uses patent-pending technology to accurately detect gene fusion-driven cancer at lower levels than any other tests, allowing for earlier detection of disease or relapse. Initially we are focused on blood cancers—specifically leukemia.
- Trelus — a subscription-based, SaaS platform and digital roadmap giving founders and owners step-by-step guidance, AI-powered workflow and resources to maximize value and ensure exit readiness long before they exit.
Since January 2023, MTC has awarded over $11 million in investment allocations through the IDEA Fund to nearly 40 Missouri-based high-growth potential startups.
Kansas City companies receiving allocations in recent months include Sailes, SaRA Health, Serviam Care Network, backstitch, Foresight and Likarda. Not all companies who receive allocations ultimately join MTC’s IDEA Fund portfolio.
MTC accepts IDEA Fund applications continuously and reviews applications on a quarterly cycle to determine award allocation. Awarded companies have up to one year to secure the matching co-investment, close their funding round, and receive MTC’s investment.
Deadlines for full consideration for each quarterly application review cycle:
- 11:59 p.m., Wednesday, May 8 — July 2024 Award Cycle
- 11:59 p.m., Wednesday, Aug. 7 — October 2024 Award Cycle
2024 Startups to Watch
stats here
Related Posts on Startland News
Kinship Cafe owner paves plans to take ownership of his coffee shop (with a little help from his community)
In April, TJ Roberts was at risk of losing his coffee shop to a parking lot. Now, Roberts is standing his ground, with the help of his community, to purchase the building that houses Kinship Cafe. “It was a very dark couple of weeks, but now there’s light at the end of the tunnel. Purchasing…
North KC’s new ‘Bob’s Burgers’ tribute bar: It’s what happens when theater kids get together to drink
The grand re-re-re-opening of Vignettes Cocktail Bar as a pop-up tribute to the animated TV series “Bob’s Burgers” is a well-seasoned homage to yet another cult classic, said Edward Schmalz, co-owner of the North Kansas City nightspot. “We wanted to pull upon that wholesome — yet still a little raunchy — vibe that is ‘Bob’s…
Betty Rae’s sells to Shatto: Why the ice cream brand’s young steward is stepping away from the scoop (for now)
An announcement this week that Betty Rae’s Ice Cream could open new shops and push its popular products into grocery stores is exciting growth to envision, agreed Alec Rodgers, the brand’s steward since 2021 when he bought and reopened its two storefronts amid challenges of the ongoing pandemic. Rodgers just won’t be the man behind…
Entrepreneur meets with VP Harris; surprised DC already knew about KC’s first Black-owned brewery
Word travels. A roundtable discussion this week with Vice President Kamala Harris gave Kemet Coleman an opportunity to put his city, and specifically the 18th and Vine neighborhood, on an elevated platform, the Kansas City entrepreneur and musician said. Coleman — one of three co-founders of the soon-to-be-opened Vine Street Brewing, Missouri’s first Black-owned brewery…