TLDR:
- The NJEDA approved a $6 million investment into Newark Venture Partners III through its Venture Fund Investment Program.
- The investment includes up to $1 million exclusively for Newark-based startups, with a $2-match for companies based in New Jersey.
The New Jersey Economic Development Authority (NJEDA) board recently approved an up to $6 million investment into Newark Venture Partners III. The investment is part of the NJEDA’s Venture Fund Investment Program and includes specific allocations for Newark-based startups. Up to $1 million of the investment will go towards a fund targeting startups in Newark, with an additional matching commitment for companies based in New Jersey. The program focuses on supporting venture capital funds that invest in early-stage companies with less than $3 million in revenue and emerging technology companies.
So far, the NJEDA has approved investments in 22 venture capital funds totaling over $77 million, including nearly $5.3 million for NVP’s first two funds. NVP III is the third fund for the Newark-based early-stage venture capital firm, which leverages corporate limited partner relationships to source investments and add value to portfolio companies.
The NJEDA Chief Economic Transformation Officer, Kathleen Coviello, emphasized the impact of investing in early-stage firms like NVP, highlighting the potential for economic transformation, job growth, and innovation in New Jersey. NVP Managing Partner, Dan Borok, and Managing Partner of NVP, Vaughn Crowe, expressed gratitude for the ongoing partnership with NJEDA and their efforts to advance New Jersey’s innovation economy.
The NJEDA Chief Executive Officer, Tim Sullivan, underscored the Murphy administration’s focus on connecting entrepreneurs and companies with capital access to drive innovation, generate jobs, and strengthen the economy. The program aims to position New Jersey as a premier destination for technology and innovation companies. Past venture capital partners have invested significantly in New Jersey early-stage technology and life sciences companies, with active portfolio companies employing over 1,000 full-time employees.
