Innovate NY Fund Program

Innovate NY Fund Program

Objective

The Innovate NY Fund is a $47.3 million venture capital fund that invests in seed stage businesses to support innovation, job creation and high growth entrepreneurship throughout New York State.  The program is supported with $37 million from NY State and $10.3 million from Goldman Sachs.

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Overview

Overview

The Innovate NY Fund operates through a fund-of-funds structure in which third- party investment managers were competitively selected to manage the investment activity on a statewide basis. Individual investments from the Innovate NY Fund into individual companies may not exceed $500,000 (or $750,000 in the case of a biotechnology related company).

Since the Innovate NY Fund was first launched in late 2012, over $35 million in Innovate NY Funds along with $209 million of private capital has been invested in more than 80 start-up and seed stage companies across the state. This has led to the creation of more than 1,000 new jobs. 

Participating Investment Entities:

Cayuga Ventures
Cayuga Venture Funds has helped to create and establish a thriving community of leading edge, high-tech start-up companies in Ithaca, N.Y., and the Southern Tier and Western New York regions by providing the necessary capital and other resources needed to grow and prosper.
Email: kim@cayugaventures.com
Website: http://www.cayugaventures.com/

Excell Partners 
Excell Partners is an investment entity that invests in seed and early-stage high-tech startups in New York State focused mainly in upstate New York. Excell provides capital, commitment, and connections to its portfolio companies, which include medical device, materials, energy, biotech, imaging and IT/software ventures.
Email: info@excellny.com    
Website: http://excellny.com    

ff Venture Capital  
ffVC, based in NYC 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.
Contact: http://ffvc.com/contact
Website: http://www.ffvc.com/ 

Golden Seeds 
Golden Seeds, the fourth-largest angel investment group in the country, invests Innovate NY capital in high-potential NYS companies that have diverse management teams with at least one woman in a leadership position.
Email: info@goldenseeds.com
Website: http://www.goldenseeds.com/venture-captial 

Partnership Fund of New York City 
The Partnership Fund of New York City invests exclusively in New York City area–based new and emerging technology and innovation sectors. Its current focus includes financial technology, health IT, life sciences and digital manufacturing sectors. 
Website: http://pfnyc.org/our-investments

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 region. 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: info@z80labs.com
Website: http://www.z80labs.com

Stonehenge Growth Capital's 
Their Innovate NY fund primarily focuses on software and IT services companies within New York State that operate at the intersection of healthcare and IT.
Website: www.stonehengegrowthequity.com

Eligibility

Eligibility Requirements
Companies receiving Innovate NY funding must:

  • Be a startup or seed-stage company either located in or agree in writing to be located in NYS and have the potential to generate additional economic activity in the state
  • Participate in an emerging technology field and are achieving, or have the potential to achieve, technological advances and innovation

How to Apply

Startup and seed-stage companies can apply for Innovate NY funds by directly contacting one or more of the listed participating investment entities. Please note: Most of the Innovate NY funding from the participating investment entities has been fully deployed.

For Innovate NY Fund program questions, please email InnovateNY@esd.ny.gov.