Innovate NY Fund
The Innovate NY Fund is a seed stage business equity fund with up to $45 million to support innovation, job creation, and high growth entrepreneurship throughout the state. The Innovate NY Fund is supported with $35 million in State SSBCI funds and $10 million from Goldman Sachs, and is expected to leverage over $450 million in additional private investment for small businesses.
Eight investment entities were competitively selected to invest in
technology companies and other high growth firms throughout
New York State. All contracted investment funds are
required to secure at least a 2:1 match from private sources
on its aggregate portfolio at the time of investment.
Innovate NY funding may not exceed $500,000 per investment
or $750,000 in the case of any individual biotechnology
Since program inception through the end of March 2015, $23.5 million of Innovate NY Funds has been invested into 64 companies across the State. This amount leveraged $124.7 million of private capital investment, of which 34 of the 64 companies have received one or more follow-on investments. The average initial investment amount is $246,000.
Participating Investment Entities:
- Cayuga Ventures Cayuga Venture Funds have been working to create and establish a thriving community of leading edge, high-tech start-up companies in Ithaca, and the Southern Tier and Western New York regions by providing the necessary capital and other resources needed to grow and prosper.
- Email: firstname.lastname@example.org
- Excell Partners Excell Partners is a University of Rochester and NYS-supported equity fund which provides pre-seed and seed stage financing to high-tech start-up companies located in the Finger Lakes and Western NY regions.
- Email: email@example.com
- Website: http://excellny.com
- ff Venture Capital ff Venture Capital is an institutional venture capital investor in seed-stage companies, investing through ff Rose Innovate NY Fund, LP and other funds. ff VC offers extensive resources dedicated to portfolio acceleration, including a job board, recruiting assistance, strategy consulting, an experienced mentor network, a pool of preferred service providers, a portfolio executive community, and accounting services.
- Contact: http://ffvc.com/contact
- Golden Seeds Golden Seeds, a national investment firm, invests in early stage New York State companies with scalable business models that have diverse management teams with at least one woman in a leadership position.
- Email: firstname.lastname@example.org
- Website: http://www.goldenseeds.com/Venture-Capital.aspx
- Partnership Fund of New York City The Partnership Fund of New York City invests exclusively in New York City area-based new & emerging technology and innovation sectors. Its current focus includes financial technology, health IT, life sciences, and digital manufacturing sectors.
- SCP Incubators / Z80 Labs SCP Incubator and Z80 Labs’ primary objective is to serve as a catalyst in the creation of a new technology economy in the Buffalo and Western NY areas. SCP’s focus is on emerging technology fields, namely, IT, digital media, and life sciences located in the Southern Tier, Finger Lakes, Central, and Western NY regions of the State.
- Email: email@example.com
- Stonehenge Growth Capital's Innovate NY fund primarily focuses on seed and early stage software and services New York State companies that are at the intersection of healthcare and IT.
- Email: firstname.lastname@example.org
The general partnership of the Fund is managed by the Community Development Venture Capital Alliance, a national network of community development venture capital funds, focusing on the creation of good jobs, wealth, and entrepreneurial capacity for lower income communities. For more information, please visit http://www.cdvca.org
For Innovate NY Fund program questions, please e-mail InnovateNY@esd.ny.gov