Spurring engagement from dozens of area investors, the KCRise Fund has announced five new funding deals in area firms.
Launched in 2016 in conjunction with the regional KC Rising economic initiative, the KCRise Fund has added ShotTracker, SMRxT, SquareOffs, Backlot Cars, and Bardavon Health Innovations to its portfolio of now 10 firms. The fund did not disclose the value of their specific investments.
KCRise Fund managing director Darcy Howe said she’s impressed by the potential the new portfolio firms represent for the sidecar venture fund.
“The quality of companies being built in Kansas City has blown me away,” said Howe, an investment banker of more than 30 years. “These entrepreneurs are seasoned individuals with previous careers that led them to problem solve around things they saw in their industries and the future of their industries.”
Here’s a bit more on each firm:
ShotTracker – Led by Bruce Ianni and Davyeon Ross, ShotTracker is a basketball tech company that’s transforming how players and teams track shot attempts, makes and misses. ShotTracker previously raised a $5M round that included NBA legends David Stern and Magic Johnson and a total of more than $10 million raised.
SMRxT – Led by CEO Michael Huffer, SMRxT is a medication adherence company that uses its system, Nomi, data is captured from patients in real-time to monitor how they take their medication.
SquareOffs – Led by CEO Jeff Rohr, SquareOffs is a social opinion platform that promotes conversation around content, increasing engagement and revenue for online publishers and brands. The firm’s undisclosed funding round also includes area venture fund, Leawood Ventures.
Backlot Cars – Led by CEO Justin Davis, Backlot Cars is a wholesale automotive marketplace through which auto dealers, auto finance, and rental car companies can liquidate and acquire used inventory without going to physical auto auctions. The firm’s undisclosed funding round also included Royal Street Ventures, which has an office in Kansas City. The firm is a graduate of 500 Startups.
Bardavon Health Innovations – Led by CEO Matt Condon, Bardavon is a provider of tech services and solutions to the healthcare industry, specifically relating to worker’s compensation programs. Bardavon has previously raised at least $4 million in venture capital.
The five startups’ funding rounds — which vary in value — garnered a handful of other regional investors.
Since its launch, the KCRise Fund has attracted $15.3 million in capital and has invested $3.75 million in ten portfolio companies, with an average deal size of $375,000. The KCRise Fund has contributed to the approximately $49.5 million collectively raised by its 10 portfolio companies in their respective funding rounds.
The KCRise Fund was established to create a solution to the regional challenge of early-stage capital access.
To qualify as a KCRise portfolio company, the firm must “have high growth potential” and must reside or have substantial operations between Manhattan, Kan. and Columbia, Mo. The firm must also be seeking at least $1 million in a Series A investment round and have an approved venture capital firm investor in the funding round. Its investments range from $100,000 to $500,000.
