INDIANAPOLIS – Powderkeg today announced plans to expand in central Indiana including the creation of nearly 40 jobs by 2022. With more than 10,000 members across the U.S., Powderkeg will continue to improve its Powderkeg Member Platform, which is a subscription-based service that utilizes technology to connect founders, investors and advisors.
The company has rolled out its platform in Indianapolis, Bloomington, Lafayette, Muncie, Terre Haute and four additional major metros outside of Indiana, and it plans to expand into 25 additional markets by 2019 including Denver, serving a total of 50 cities by the end of 2020.
McGuire Sponsel’s Location Advisory team helped facilitate Powderkeg’s expansion, working with the Indiana Economic Development Corporation (IEDC) to finalize an incentives package.
“Powderkeg provides an ideal blueprint for tech entrepreneurs, investors and professionals to connect, collaborate and access valuable resources,” said McGuire Sponsel Principal Steve Brunson. “McGuire Sponsel appreciates the opportunity to negotiate available incentives with IEDC and ensure Powderkeg receives the greatest return on its expansion investment.”
Powderkeg’s proprietary platform connects tech founders with capital, talent and customers around the country, bringing resource density to the “flyover” states so they can scale their businesses faster. In addition to greater access to resources, the platform gives its members the ability to reach a global audience through its award-wining podcast, publication and national media partners like Forbes, VentureBeat, and Inc.
“We’re going to kill the term ‘flyover cities’ in the next four years,” said Matt Hunckler, founder and chief executive officer of Powderkeg. “Our platform taps the immense tech talent, services, products and growth potential in the majority of the country between the coasts. Partnering with McGuire Sponsel allowed Powderkeg to remain focused on our business knowing all available economic development incentives would be secured.”
Powderkeg continues to drive engagement with its platform through digital and physical experiences like its Pitch Night series, which allow entrepreneurs, investors, and professionals to connect in person with tech companies. More than 300 companies have pitched on the Powderkeg stage, collectively raising more than $1 billion in capital.
The IEDC offered Indy Founders LLC (dba Powderkeg) up to $400,000 in conditional tax credits and up to $100,000 in training grants based on the company’s job creation plans.