Support like this is what drives the explosive growth of our regional startup scene. - Michael Orlando, President at Lumate.
St. Louis, Missouri (PRWEB) October 31, 2013
Lumate, a context-driven mobile advertising platform, announced a funding milestone yesterday. The 2013 Arch Grants startup company has raised $450,000 from the Missouri Technology Corporation’s Missouri TechLaunch program and from a Small Business Administration 7(a) Express loan from First Community National Bank. The announcement coincides with Lumate’s office space expansion to the Technology Development Center on the campus of Missouri S&T in Rolla, MO. Lumate’s headquarters remains in TREX, a downtown St. Louis incubator.
“We have been working hard and are so excited to be moving this fast. Support like this is what drives the explosive growth of our regional startup scene. We look forward to working with our new S&T hires to expand our amazing services.” said Michael Orlando, President at Lumate.
Lumate is using the funding to open an office at Missouri S&T and hire ten part-time students. After coaching and training the students as developers, Lumate hopes to transition them to full-time positions.
About Arch Grants
Arch Grants is a unique not-for-profit organization whose mission is starting and building entrepreneurial companies in St. Louis. In its first two years, Arch Grants has awarded $1,950,000 to 35 startups. These awards are unique because the organization does not take equity from the companies; they simply require that the startups start their business in St. Louis.