Categories: CommunityEvents/What's HappeningInnovationNews

Tampa Bay Launches New Coastal Community Fund to Empower Local Startups

Local entrepreneurs engaged in discussions at a Tampa Bay co-working space, highlighting collaboration in the startup ecosystem.

News Summary

The Coastal Community Fund (CCF) has been launched in Tampa Bay to improve support for seed-stage startups. Co-founded by investors Ashby Green and Kim Vogel, CCF aims to fill financing gaps for local entrepreneurs. The fund’s first investment is in Spontivly, a data analytics company, which will help create local jobs. The initiative emphasizes community growth, encouraging participation and collaboration among local stakeholders.

Tampa Bay Launches New Coastal Community Fund to Empower Local Startups

A new venture fund, the Coastal Community Fund (CCF), has been initiated to enhance the entrepreneurial landscape in the Tampa Bay area of Florida, with a primary focus on supporting seed-stage startups. The fund, co-founded by experienced investors Ashby Green and Kim Vogel, aims to fill the gaps in local startup financing and provide resources targeted specifically at growing businesses in the region.

The fund’s inaugural investment is in Spontivly, a St. Petersburg-based data analytics software company. This initial funding is intended to stimulate local employment by allowing Spontivly to hire approximately 12 new staff members, specifically targeting candidates residing in or willing to relocate to St. Petersburg.

Addressing Local Startup Challenges

Vogel, who oversees the Apprentice Network for Tampa Bay Tech, recognized that improved communication among local stakeholders could significantly enhance business growth. She underscored the importance of democratizing wealth creation within the community, an objective CCF aims to achieve through its efforts.

Green noted that Tampa Bay startups have faced historical difficulties in securing funding and that the recent rebranding of Florida Funders toward a national focus may create opportunities for collaborative growth. CCF intends to attract a variety of investors by allowing them to participate with a minimum investment of $25,000, making funding more accessible to a broader range of accredited investors.

Strategies for Community Engagement

CCF seeks to leverage the experience and networks of local stakeholders to nurture future startup founders. The initiative aims to develop a robust local talent pipeline to address the hiring needs of new enterprises in the area. The fund encourages active participation from community members and intends to work closely with local startup hubs such as Tampa Bay Wave, Embarc Collective, and ARK Innovation Center.

Spontivly’s platform, which focuses on community engagement, is expected to play a vital role in fostering a thriving ecosystem around the fund. Anthony Nagendraraj, the CEO of Spontivly, expressed optimism regarding independent venture firms like CCF, believing that traditional VC models have limitations that can be overcome through innovative community-driven efforts.

Future of Coastal Community Fund

Looking ahead, CCF anticipates that subsequent funding rounds will require a target of $5 million to achieve meaningful impact in the local entrepreneurial landscape. The fund’s commitment to working with various community actors, including economic development organizations and academic institutions, reflects a holistic approach to strengthening the entrepreneurial ecosystem.

Both Green and Vogel are committed to encouraging higher investment amounts while maintaining a balance that supports new entrants to the funding environment. They view the ongoing collaboration with local networks as essential to the success of CCF and its mission to promote sustainable economic growth in the Tampa Bay area.