The Missouri House has passed an appropriations bill that would almost double funding for the Missouri Technology Corporation (MTC), a state-run venture capital fund that backs early-stage tech startups in Missouri.
In fiscal 2014, MTC received $6.36 million. The pending legislation, House Bill 2007, would raise that number to nearly $11.4 million for the fiscal year started July 1, 2014. The bill passed the House in a lopsided vote of 144-6 and moved on to the Senate, where it’s scheduled for its next hearing on Tuesday.
Past recipients of MTC funding include LockerDome, a St. Louis-based social media startup that has raised more than $8 million to date, and Newsy, a Columbia-based mobile news company that was acquired in December for $35 million.