Casper Area Economic Development Alliance, Inc.
Advance Casper's Casper Opportunity Fund Project
Casper, WY
Capital Challenge
Federal Share: $176,350
Local Match: $176,350
Opportunity Zone: Yes
Advance Casper seeks to catalyze deployment of three tiers of early-stage capital in Qualified Opportunity Zones (QOZs) in the Casper Metro region and throughout the state of Wyoming. Advance Casper will partner with Breakthrough 307 (BT 307), Ride for 8 Venture Capital, the University of Wyoming (UW) Wyoming Technology Business Center (WTBC), and other public, private, and non-profit partners to administer, market, and vet three complimentary investment funds to be headquartered in Casper: Invest 307, an equity crowdfunding platform acquired by Advance Casper that allows Wyoming startups to raise money from accredited and nonaccredited Wyoming investors; BT 307 Angel Investment Fund II; up to 50% deployed as Qualified Opportunity Fund (QOF) investment; and Ride for 8 Bioscience Venture Capital Fund/QOF, which includes $25 million in local investment, for bioscience start-ups in Casper’s four QOZs and QOZs throughout the state.
Regional coordination on marketing and vetting these funds will help streamline the process of raising funds for local startups and businesses seeking to locate in Casper. With EDA B2S funds, Advance Casper will hire a new capital manager to activate its economic development network and serve as a navigator for startups seeking seed funding, angel investment, and VC capital. The project will address regional needs for strategic, early-stage capital deployment, attract new startups, and spur home-grown economic diversification, including through the launch of a Casper Biosciences Innovation Hub.