Codefi Launches Innovate SOMO Funds
Codefi, a leading venture and tech-based development organization based in Cape Girardeau announced last week a pioneering new hybrid venture capital model that will blends seed funding and venture philanthropy to support startup growth across Southern Missouri.
Innovate SOMO Funds are the latest in a series of developments led by Codefi and efactory at Missouri State University, co-creators in the Southern Missouri Innovation Network (Innovate SOMO. The funds represent a first-of-its-kind regional approach combining a non-profit fund supported through charitable contributions and a for-profit fund backed by limited partners, co-investing to make equity and revenue-based investments in startups across southern Missouri.
Key facts about the Innovate SOMO Funds:
- Total fund size of $2 million, from combined nonprofit and for-profit funds
- Geographic focus on the 47 southernmost counties served by the Southern Missouri Innovation Network
- Investment focus area in high-growth potential software focused or enhanced solutions in most industries
- Targeted investments during the pre-seed and seed stages of companies.
- Co-investment model of equity and revenue-based investments from nonprofit and for-profit funds
- Limited partner investors representing Leading foundations, family offices, institutional, and accredited investors
For further details on this exciting new venture and to read more about the need for such innovation visit codefiworks.com and get connected.