Can Community Funds Transform St. Pete's Startup Scene?

The Coastal Community Fund launched in Florida to support early-stage startups, prioritizing the Tampa Bay area, with its first investment in St. Petersburg-based Spontivly. Founders Ashby Green and Kim Vogel designed the fund to enable local accredited investors to participate with a minimum investment of $25,000. The fund seeks to strengthen the local entrepreneurial ecosystem by leveraging stakeholder expertise, supporting workforce development, and encouraging collaboration among startup hubs, educational institutions, and economic development groups. Spontivly will use the investment to hire approximately 12 employees in St. Petersburg. The fund plans to raise at least $5 million in future rounds and collaborate with organizations such as Tampa Bay Wave, Embarc Collective, and ARK Innovation Center.

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