A new KCRise Fund that will invest in Kansas City’s early-stage companies has already garnered $10 million in commitments from investors.

The KCRise Fund is one of the first initiatives from KC Rising, a joint effort from the KC Area Development Council, the Mid-America Regional Council and the Civic Council. Launched one year ago, KC Rising is looking for ways to increase the region’s economic competitiveness.

Organizers delivered a progress report Feb. 29 at the American Restaurant in Crown Center.

While KC Rising has plans for several programs, including free “lifestyle marketing” tools to help companies recruit workers to Kansas City, the KCRise Fund is one of the furthest along. Organizers only started promoting the fund in January, and it is already halfway to its $20 million goal, said Dacry Howe, the angel investor who headed up KC Rising’s innovation and entrepreneurship work group.

KCRise will operate as a “sidecar fund” that invests alongside institutional venture capitalists – essentially, the VCs will vet young companies, making it easier for wealthy, but less experienced investors to sign on.

KCRise is “laser-focused on financial performance,” Howe said, but by investing in Kansas City’s most promising young companies, it could help create more quality jobs and raise the region’s median household income.