A new pitch event is coming to St. Louis in January dangling the possibility of up to $1 million in equity investment for startups that are past Arch Grants recipients and have maintained ties to the area.
Arch Grants, the St. Louis-based nonprofit that runs an annual grant competition for startups, and the Chaifetz Group, the investment arm of billionaire entrepreneur Richard Chaifetz, are partnering to host the event, called Chaifetz STLaunch.
The event is open to former Arch Grants recipients that still have “a presence in, or connection to St. Louis.”
Unlike the Arch Grants competition, which offers $50,000 equity-free grants, the January pitch event will be modeled after “Shark Tank,” with judges able to take an equity stake in participating startups.
The competition is designed to help companies attract capital after they have completed the Arch Grants program, which is one of the biggest gaps for startups that graduate from the program, according to Arch Grants director Emily Lohse-Busch.