Blooom wins Kauffman Foundation pitch bout, $10K
November 18, 2015 | Bobby Burch
Can anything stop Blooom?
Continuing its streak of wins and successes, the financial tech firm on Wednesday morning won a national pitch contest at the Ewing Marion Kauffman Foundation.
Leawood-based Blooom beat out four other finalists in the inaugural One in a Million pitch contest, which initially drew more than 350 applicants. Blooom survived several rounds of cuts to win $10,000, adding to its impressive resume of wins that includes the Finnovate Conference’s Best in Show, a $50,000 Launch KC grant and many others.
“We’re very grateful to win this award,” Blooom president Greg Smith said. “We’re trying to solve a problem that affects millions of middle-class Americans that have never gotten help before. I think that mission resonates with people. We like to get validation, but really what drives us is the ability to help people with arguably their biggest financial worry.”
Blooom created an online 401(k) management tool that helps users grow their account through professional management. The tool uses a flower in various growth stages to symbolize the health of one’s 401(k) and offers professional advice on how to allocate funds.
Blooom CEO Chris Costello said during his pitch Wednesday that his company has clients in all 50 states and manages more than $150 million. The company in October raised $4 million in a Series A round that will expand its staff and marketing.
As judges of the One in a Million contest deliberated, audience members issued Blooom CEO Chris Costello a barrage of questions, hinting that a win may be imminent. Costello also faced a judging panel full of esteemed businesspeople, including Sprint CEO Marcelo Claure, Techstars partner Nicole Glaros and Miriam Rivera, Google deputy general counsel.
San Antonio-based Drybox won the second-place of $5,000, while SwineTech of New Sharon, Iowa took the third-place prize of $1,000. The One in a Million competition, held during Global Entrepreneurship Week, allowed firms around the nation that participated in the foundation’s 1 Million Cups program to compete for the funds.
Featured Business
2015 Startups to Watch
stats here
Related Posts on Startland News
Why this ‘monstrous Midwesterner’ started the presses for a sacred space in KC’s West Bottoms
Editor’s note: The following story was produced through a paid partnership with MOSourceLink, which boasts a mission to help entrepreneurs and small businesses across the state of Missouri grow and succeed by providing free, easy access to the help they need — when they need it. [divide] Thayer Bray loves printmaking, but he gets just…
Kansas City ESO icon Maria Meyers championed for bringing SourceLink to the world stage
A decades-long effort to grow inclusive entrepreneurial communities by strengthening access to critical resources began as a grassroots movement in Kansas City, said Maria Meyers, whose work recently earned her global recognition — and a rare honor in recent years for an American recipient. Meyers, the founder of SourceLink — a first-of-its-kind platform boasting more…
How this startup founder earned $200K in unrestricted, trust-based funding to transform KC’s relationship to food
Long-term community change comes one meal at a time, acknowledged one of Attane Health’s biggest supporters, reflecting on the Kansas City startup’s growth from the “spark of an idea to a full-fledged solution” — ultimately earning its founder a game-changing funding boost. The St. Louis-based Missouri Foundation for Health this month announced its inaugural Spark Prize…
Kauffman awards $5.8M funding pipeline to research how to close wealth gaps in KC, beyond
Eight newly announced research grants from the Ewing Marion Kauffman Foundation are expected to help catalyze research-based efforts aimed at growing equitable economic mobility in Kansas City, regionally, and nationally. More than $5.8 million in research funding will be disbursed over the next three years through this first round of grantmaking through Kauffman’s new research…