For Immediate Release
Release Date: 02-27-09
Contact: John Fougere 573-522-5058
JEFFERSON CITY – The Missouri Technology Corporation, housed within the Missouri Department of Economic Development, has awarded grants to four Missouri angel investment groups to enhance the availability of angel investments to startup companies in Columbia, Lee’s Summit, Springfield, and St. Louis. Each angel investment group will receive a $30,000 one-year grant to fund operational expenses such as staff, as well as professional services for the review of potential investments, member training, and development. The grants have an optional one-year renewal.
The term “angel investor” refers to investors who provide seed and early-stage capital funding to entrepreneurs and companies that are in the gap beyond self-funding but before traditional venture capital funding. Many companies at this stage of development would not be able to continue to exist and grow without the funding provided by these investors.
“During these difficult economic times, these grants once again show that Missouri is open for business, as angel investments play a critical role in the growth of high tech, high-growth companies,” said Linda Martínez, Director of the Department of Economic Development. “As Governor Nixon has envisioned, these investments in Missouri’s high tech industries will help turn the ideas of today into the success of tomorrow for small business owners across the state and will help turn our state’s economy around.”
The following angel investor groups received grants:
• Centennial Investors, Columbia, MO
• St. Louis Arch Angels, St. Louis, MO
• Show Me Angels, Lee’s Summit, MO
• Springfield Angel Network, Springfield, MO
The Missouri Technology Corporation was created by the Missouri General Assembly in 1994 and is charged by law with leading the state’s efforts in technology based economic development, and turning high tech progress into the jobs and products of tomorrow.