BioGenerator Wins $300K Federal Grant to Build Bioscience Companies In St. Louis
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BioGenerator wins federal grant from U.S. Department of Commerce to accelerate regional bioscience companies.
BioGenerator, the investment arm of BioSTL, has won a $300,000 grant from the U.S. Department of Commerce to capitalize on its retooled investment strategy. That strategy is focused around quickly scaling companies to attract downstream investors, while also building new companies with a faster timeline to sales of commercial products or services.
To date, BioGenerator has invested $17.9 million into 71 companies. These investments attracted more than $530 million in additional capital from outside funders. BioGenerator’s ability to generate that 30x leverage places it among the leading early-stage investors in the country.
“Our team will work hand-in-hand with burgeoning St. Louis companies to ensure that they reach milestones that make them successful and accelerate how quickly they can compete for more traditional financing,” said Eric Gulve, President of BioGenerator. “Coupled with our own investment money, this grant will help us further drive high-growth-potential companies, boosting their research and results, thus creating more opportunities and jobs for St. Louisans.”
BioGenerator received the highest of this RIS award funding possible and was among less than 20 percent of applicants that received an award. This is the fourth competitive EDA grant BioSTL has won since 2010. Funding from the Economic Development Administration’s (EDA) Regional Innovation Strategies (RIS) program will be matched locally to increase competitiveness for early-stage seed funding for emerging St. Louis bioscience companies. This funding cannot be used for direct financial investments.
Rather, some of the day-to-day assistance provided by BioGenerator will include adding talent to new companies and their boards of directors, and providing technical assistance for the planning, formation, launch, or scale of new high-growth companies.