Pre-Seed and Seed Matching Fund Program

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Objective

 The State Small Business Credit Initiative (SSBCI) is providing $30 million for the Pre-seed and Seed Matching Fund Program (“Program”) to support high growth start-up companies at the earliest stages of their growth and development.

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Overview

NY Ventures, the state’s venture capital arm for innovative, expanding businesses, supports early-stage technology and start-up companies through the Pre-Seed and Seed Matching Fund Program (NYVPSSF). The Program will offer early-stage businesses equity investments from $50,000 up to $250,000 with matching from the private sector (there must be at least $1 of private sector investment for every $1 NY Ventures invests). In addition to financial support, Empire State Development offers the tools and key introductions needed to help companies reach the next level.

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Investment Eligibility

  • Pre-Seed or Seed-stage companies across all technology markets, with a focus on:  
    • Advanced Manufacturing 
    • Agricultural Tech 
    • Climate Tech 
    • Consumer Products  
    • Data/SaaS/AI  
    • Fintech  
    • Healthcare  
    • Life Sciences and BioTech 
    • Medical Devices  
  • Company has raised $2M or less of dilutive funding prior to current round
  • Focus on expanding access to venture capital across New York State, particularly for underserved geographies and historically marginalized individuals and companies 
  • Preference for companies structured as a C-Corporation to align with investment yield and growth potential objectives 
  • Company agrees to create economic impact in NYS by having its headquarters and at least one C-suite employee in NYS  
  • Company must be registered to do business in New York and in good standing. 
  • Company must raise matching funds from qualified private sector investors; investors who provide private sector match can be part of an investment entity (venture capital fund, angel fund, family office, investment partnership, or LLC), an individual member of an organized investment group who is an accredited investor and qualified purchaser, or an individual that can otherwise establish credibility as an accredited investor. 
  • Private capital raised within the same funding round as the SSBCI funding may be counted toward the 1:1 financing ratio if the financing transaction occurs no earlier than 90 days before the SSBCI investment (as specified by a term sheet or similar agreement)
  • Investment can be in form of convertible debt, SAFE or equity financing. 
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How to Apply

Please click here to access the application.  

As part of the application, applicants will need to fill out a Sources and Uses document. Please click here to download the template. 

 

 

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Contact

For information about the program, contact: [email protected]