From Silicon Valley to Birmingham. Alabama Futures Fund brings new businesses to the Magic City

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Founder Peter Vogt has started building his Birmingham team with local talent. Photo via Beth Cunningham for Bham Now

Prepaid2Cash is a Silicon Valley startup that made it onto our radar last summer following an investment from the Alabama Futures Fund (AFF). Since then, the AFF has stayed busy—keep reading to check out their four most recent ventures.

Tech Solutions are a Win for Everyone

Peter Vogt
Building a business from the ground up is no small feat—it’s important to be plugged into a supportive community. Photo via Beth Cunningham for Bham Now

Birmingham’s tech scene just keeps booming, with new startups moving in all the time. One Magic City addition made the move from California to Birmingham after scoring their AFF investment in June 2019.

Prepaid2Cash is an app that offers a fantastic solution for a common issue. Do you have leftover gift cards stashed away from the holidays that you’d much rather be using for groceries?

All you have to do is download the Prepaid2Cash app, zoom through a few steps, and boom: you get that cash in your bank account within as little as 24 hours.

Recent AFF Investments

This could be cash in no time—plus, you’re supporting a Birmingham company. Photo via Beth Cunningham for Bham Now

When they kicked off in 2018, the Alabama Futures Fund was the largest seed-stage investment fund in the state’s history with a whopping $25 million chunk of change to work with.

The AFF remains dedicated to supporting and growing entrepreneurial activity and economic development in Alabama. Over the last eight months, they’ve invested in four companies that will be putting down roots right here in the Magic City.

1. SynsorMed

  • Who: SynsorMed is making healthcare easier than ever.
  • What: SynsorMed has developed a cloud-based monitoring platform for healthcare organizations. The SynsorMed solution lowers the cost of patient care, increases medical practice revenue, reduces hospital re-admissions and empowers patients to take control of their personal health.
  • When: January 2020
  • Where: Relocating from Tampa, FL to Birmingham, AL

2. Linq

  • Who: Linq is using digital business cards to build your network on real relationships.
  • What: Each Linq user gets an individualized QR code with information that would be on a conventional business card—name, title and contact information, as well as virtual links to social media accounts and websites. All you have to do is hold your phone camera over someone’s QR code and bam—their information is stored in your phone’s virtual wallet.
  • When: January 2020
  • Where: Based in Birmingham, AL

3. TeamingPro

  • Who: TeamingPro is streamlining the federal contracting industry
  • What: TeamingPro has built a Software as a Service (“SaaS”) platform for the $560 billion federal contracting industry that allows companies to source new contract opportunities as well as “team” with other contractors to jointly compete for larger contracts. 
  • When: September 2019
  • Where: Relocating from Chesapeake, VA to Huntsville, Alabama

4. Prepaid2Cash

  • Who: Prepaid2Cash offers an easy solution to a problem almost everyone has faced.
  • What: Prepaid2Cash offers a fast, secure and affordable way to allow users to convert gift and prepaid cards into cash. Just download, scan, and get cash in your bank account.
  • When: June 2019
  • Where: Relocating from San Francisco to Birmingham, Alabama

Paying Off

Prepaid2Cash is currently operating out of the Innovation Depot, which is a hotspot for tech startups. Photo via Beth Cunningham for Bham Now

All these investments are yielding results. According to Peter Vogt, Prepaid2Cash Founder, their business has doubled in size since receiving funding.

In January, they had a record-breaking month that’s only helping them build momentum. People are clearly loving this tool—want to try it out? Just download the app and start cashing in on those gift cards.

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Beth Cunningham
A Birmingham transplant who can usually be found hitting a new hiking trail or restaurant opening when she's not writing stories and snapping photos for Bham Now.
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