Bluff City Ventures Raises $12M Fund for Black-Owned Startups

The announcement adds to a string of recent developments for the Memphis business community, which has seen steady growth over the past year.

"It's a big step forward for Memphis, and it wouldn't have happened without a lot of people pulling in the same direction," said Andrew Anderson, chamber of commerce director.

Company leaders point to Memphis's growing workforce and lower cost of doing business compared with larger metro markets. The move is expected to create or support roughly 61 jobs in the region over the next two years.

"It took teamwork, but we got there." — Andrew Anderson

Local economic development officials say they will continue tracking the impact on jobs and tax revenue in the months ahead.