InvestMS Direct Investment Program (SSBCI)

InvestMS Direct Investment — SSBCI Equity Co-Investment

Invests in Mississippi startups through equity co-investment structures with lead-investor participation.

The InvestMS Direct Investment Program is Mississippi's SSBCI-funded equity co-investment vehicle, providing government-backed equity capital into Mississippi-based pre-seed, seed, and Series A stage companies. The program is funded through Mississippi's approximately $86 million State Small Business Credit Initiative (SSBCI) allocation under the American Rescue Plan Act of 2021; the Direct Investment sub-program specifically received $11 million of that total. Innovate Mississippi administers the program under contract with the Mississippi Development Authority (MDA). The program is structured as a rolling, continuously-open fund that operates until the $11 million allocation is fully deployed, estimated through approximately 2030.

Deal structure requires a private lead investor — InvestMS never leads a round. For first-tranche deals, the maximum transaction size is $3 million with a $1 million SSBCI co-investment match. For companies receiving subsequent investments from the program, the maximum SSBCI match is $500,000. Eligible companies must be Mississippi-based, for-profit, and operating at pre-seed, seed, or Series A stages. The program is sector-agnostic — no industry restrictions are specified. Applications and deal origination are managed through the investms.ms portal.

For founders, the program's primary utility is as an institutional co-investor that can fill or expand a round alongside private lead capital, rather than replacing it. Because InvestMS requires a confirmed lead investor, the practical approach is to secure lead commitments first, then engage Innovate Mississippi to discuss co-investment terms. The SSBCI structure means the program operates under federal reporting and compliance requirements administered through the U.S. Treasury. Companies should verify current fund capacity and deal-terms directly with Innovate Mississippi, as the remaining available capital declines with each deployment.