Kansas City rises with $20m fund

KC Rising, an initiative backed by the council of governments and metropolitan planning organisation Mid-America Regional Council, has achieved a first close of $10m for its co-investment fund, according to Technically Media.

KC Rising, also backed by private organisations Kansas City Area Development Council and Civic Council that both aim to boost the local economy, is targeting a $20m final close for the fund, dubbed KCRise.

The fund aims to tackle the lack of funding available in the Kansas City metropolitan area, which attracted a total of $91m in VC funding last year and ranks as only the 42nd US city for risk capital.

KCRise will match startups with approved VC firms and is expected to leverage $120m in the local ecosystem. Local partners have committed to providing at least $1 for every $5 invested by a venture capital firm.

Among the 30 partners attracted so far are Kansas University’s Medical Centre, utility holding company Great Plains Energy and building company JE Dunn Construction.

– This article first appeared on our sister site Global Government Venturing.