Estimated reading time: 2 minute(s)
As the St. Louis Startup Connection Venture Showcase kicks off, local crowdfunding platform Nvsted today launched a new investment campaign for technology startup CentriCrude that aims to recover and resell previously unused crude oil.
The first round of the funding campaign is open now for investments as small as $1070.
CentriCrude’s leadership says 3-6 percent of all oil extracted from the ground ends up as unmarketable crude oil, leaving behind between $45 – $90 billion annually — a challenge the company will address.
“We’re pleased that Nvsted is handling our initial capital funding,” says CentriCrude CEO David Park. “CentriCrude Services is bringing a new advanced technology to the business of recovering marketable crude from reject crude, and doing so in an environmentally friendly way. We believe the oil field operators will be pleased to use our services.”
Crowdfunding for St. Louis Business
Nvsted, St. Louis’ first hyper-local regulation crowdfunding portal, got off to a hot start in Spring 2018 when WellBeing Brewing Co. raised nearly $200,000 from 70 investors to help support its line of non-alcoholic craft beers.
Owner of WellBeing, Jeff Stevens, says, “Nvsted is such a big idea for the community and we saw it as a way to connect with our fans. Not only did we raise funds, but we now have investors who have a real stake in our success. The money we’ve raised has helped us get into big-box retailers like Whole Foods, Total Wine and Target.”
Initiated by the St. Louis Economic Development Partnership, Nvsted is the first Title III funding portal in the nation organized by an economic development agency. The platform is unique in that it only hosts businesses that are located or employ workers in the St. Louis region.
“The St. Louis business ecosystem continues to be exceptional for startups and business expansion,” Nvsted CEO Jamey Edgerton said. “Nvsted’s launch further strengthens the St. Louis region’s position as one of the top areas to start and grow a business. Nvsted is a tool that will strengthen the St. Louis region’s business environment — it’s innovative, unique and supports our business community.”
St. Louis Economic Development Partnership is sponsoring today’s Startup Connection event this evening from 4:30-5:30 p.m. at The Globe Building in Downtown St. Louis. EQ readers can get $10 off the cost of admission if you register via this link.