Codefi Surpasses $2 Million in Commitments for Southern Missouri Venture Fund

Codefi has announced that its Innovate SOMO Funds has surpassed the midpoint of its $4 million fundraising goal with over $2.1 million in commitments. The dual-structure fund aims to provide seed capital for technology startups across 47 counties in southern Missouri, targeting a critical gap in rural venture capital access. A significant $1.5 million contribution from a Cape Girardeau investment group, spearheaded by Jeff Maurer of Mayson Capital, highlights local interest in fostering regional economic growth. The fund's dual structure, inspired by LaunchNY's model, incorporates a for-profit limited partnership and a nonprofit fund to offer patient capital. This innovative structure simultaneously attracts traditional investors and supports early-stage startups with grants and donations. The project fulfills a priority identified by the Missouri Technology Corporation's strategic analysis: access to risk capital for entrepreneurs. In addition to Cape Girardeau investors, Innovate SOMO Funds has received support from the Hatch Foundation and the Bank of Missouri. Investment targets are pre-seed and seed-stage technology startups, with amounts ranging from $50,000 to $200,000 directed at regional challenges. Codefi plans to conclude the initial fundraising round and launch innovatory activities at their 'Invest SOMO' event, set for June 25-26 in Springfield, Missouri. The event will connect regional entrepreneurs with angel and venture investors, showcasing Missouri's innovation potential and emphasizing that venture capital can succeed in rural America.