St. Louis biotech startups see funding spike 87 percent

St. Louis biotech startups raised $242 million from venture capitalists in 2016, an 87 percent increase over 2015 totals, according to the BioEnterprise Midwest Healthcare Growth Capital Report.

More companies were funded, too, with 27 startups receiving investment in 2016, up from 25 in 2015.

The data is skewed slightly by a $69.5 million raise from Centene in February that was used to acquire a stake in a data analytics firm incorporated in the Cayman Islands from RGA International Corp.

But even without the Centene deal, investment figures increased about 34 percent to $173.6 million, thanks to large raises from biotech companies such as Endostim, which raised $25 million in May; Tioma Therapeutics, which raised $86 million in August; and Veniti, which raised $25 million in September.

Minneapolis recorded the most venture capital in the Midwest, with startups from that city raising $422 million. Chicago was No. 2 on the list, with $324 million. St. Louis was third.

Read more: St. Louis Business Journal

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