(KMOV) -- Arch Grants on Wednesday announced awards totaling $1 million to 20 early-stage startup companies from a variety of different industries.
The 20 companies – hailing from six different states, the United Kingdom and Colombia – will each receive $50,000. They must relocate or continue to operate from St. Louis.
The winners include Artifox, BetaVersity, Blue Line Security Solutions, Cast, CoMo Medical, Dabble, Ephecom, Fed Playbook, FreightGrid, Greetabl, Hyde Expedition, Jolt, Less Annoying CRM, LifePack, Made for Freedom, Meter Genius, Nanopore Diagnostics, Tallyfy, Tuloko and Wondermento.
“We’re thrilled with the vision, execution and most importantly, the leaders of the winning companies,” said Jerry Schlichter, founder and board president of Arch Grants. “Whether software innovators, manufacturers or in life sciences – it is these firms that will continue to ignite St. Louis as a globally competitive city and an attractive destination for top business talent, and we look forward to continuing to assist the winners in growing their business.”
Dozens of business and economic leaders in St. Louis selected an initial group of 46 companies based on hundreds of applicants to compete in the finals of the Business Plan Competition in April.
A panel of St. Louis leaders then grilled the finalists on their business model and selected the 20 companies based on scalability, financial viability and whether a concept has already made progress.
Along with the $50,000 Arch Grant, companies also receive free legal and accounting services, collaboration with local universities, discounts on office space and housing, along with additional networking and mentoring opportunities including direct access to St. Louis-based angel investors.
After receiving their initial money, companies are eligible to receive an additional $100,000 in grant money in the future.