A new funding program for Washington University in St. Louis-affiliated startups focuses on strengthening the St. Louis region.
The WashU Venture Network Follow-on Investments is a joint effort between WashU’s Skandalaris Center for Interdisciplinary Innovation and Entrepreneurship and the “In St. Louis, For St. Louis” initiative. It will award up to $150,000 each year to companies with WashU ties that previously have been awarded funding through Arch Grants, the local nonprofit that awards equity-free grants to startups. The goal is to support startups with a high probability of remaining in St. Louis after the grant period is complete.
“WashU’s commitment to our region includes investing in the remarkable talent we attract to St. Louis. We want to see more WashU entrepreneurs stay here, grow their businesses and contribute to a vibrant regional economy,” Chancellor Andrew D. Martin said. “By investing in the entrepreneurs who are generating jobs, we are supporting new pathways to economic mobility for people in our region.”
The Skandalaris Center’s WashU Venture Network staff and students will make funding decisions. All WashU-based companies previously named as Arch Grant winners will be eligible and considered each cycle; there is no application process.
“We are eager to launch the WashU Venture Network Follow-on Investments,” said II Luscri, managing director of the Skandalaris Center, assistant vice provost for innovation and entrepreneurship, and a professor of practice in entrepreneurship. “The Skandalaris Center is WashU’s universitywide hub for innovation and entrepreneurship, and we have been pleased to see the increased rate at which WashU startups from all disciplines have received Arch Grants in recent years. This investment program will strengthen our support of companies with WashU DNA that are committed to staying right here in St. Louis.”
The WashU Venture Network Follow-on Investments winners will be announced annually at the WashU Innovation and Entrepreneurship Awards, held in April. Arch Grants has awarded funding to 50 WashU-based startups since the organization began its competition in 2012.
“Since 2012, Arch Grants has awarded $17 million to over 250 startups, generating over $1 billion in local economic impact, highlighting the crucial role of non-dilutive capital in fostering growth,” said Gabe Angieri, Arch Grants executive director. “Many of our success stories have deep ties to WashU, a long-standing programmatic partner. This new exclusive funding program strengthens our collaboration, bridging the gap between our initial grants and the next stage of startup funding. We are grateful for WashU’s commitment and excited to work together in making St. Louis an increasingly attractive destination for startups.”
To learn more about the support and programming available to all WashU startup founders, visit the Skandalaris Center website.
