Three past 43North competition prize winners are getting another jolt of funding from the nonprofit organization.
Strayos, CleanFiber and Kangarootime were each awarded $300,000 in follow-on funding. They were among seven 43North portfolio companies which made pitches to the organization’s investment committee.
43North awards follow-on funding each year, but this year opened up the opportunity to any company in its portfolio, not just the most recent class of prize winners. 43North did not hold its competition in 2020 but plans to bring it back this year.
“Everyone having come through that year, everyone’s found a new way to work, have pivoted the businesses, have realized what they need to do differently, and we hope that our reward will be appreciated in that sense,” said Colleen Heidinger, 43North’s president.
43North said it made its follow-on investment selections based on companies’ traction, their plans for using the funds, and their commitment to Buffalo.
Strayos, which serves the mining industry with technology described as an under-the-ground version of Google Maps, won the 43North competition in 2019.