Innovate NY Fund
The Innovate NY Fund is a seed stage business equity fund with up to $47 million to support innovation, job creation, and high growth entrepreneurship throughout the state. The Innovate NY Fund is supported with $37 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 year-end 2015, over $31 million in Innovate NY Funds have been invested in over 70 start-up and seed stage companies across the State. This amount leveraged over $190 million of private capital investment.
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.
Excell Partners Excell Partners is a VC fund that invests in seed and early stage high-tech startups in New York State focused on Upstate NY. Excell provides capital, commitment and connections to its portfolio which includes investments in medical device, materials, energy, biotech, AgTech, imaging and IT/software ventures.
ff Venture Capital ff Venture Capital (ffVC) is one of the best performing seed- and early-stage venture capital firms in the U.S. With investments in UAVs, smart locks, cloud-based security, machine learning, enterprise software and crowdsourcing, ffVC identifies and invests in technology and technology-enabled companies at their inception - across geographies and emerging industries. With five partners and an acceleration team of 20+ investment and operations professionals, ffVC actively participates with founders to develop products, target markets and accelerate growth. Since 2008, ffVC has invested in 80+ companies and created aggregate market value exceeding $2.5 billion.
Golden Seeds Golden Seeds invests in high potential New York State companies that have diverse management teams with at least one woman in a leadership position.
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.
PFNYC Innovate NY funding has been fully deployed.
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.
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.
Stonehenge Growth Capital's Innovate NY funding has been fully deployed.
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