LAUNCH NY’S SEED FUNDS FUEL SEVEN COMPANIES WITH $580,000 IN Q3
Third Quarter Deals Reflect Strong Follow-On Funding
Buffalo, N.Y. – Launch NY, Upstate New York’s first and only venture development organization to provide pro bono mentoring and the most active seed fund in New York State to high-growth startups across its 27 westernmost counties, announced the Q3 investments from its nonprofit Seed Fund and for profit LP Fund. Totaling $580,000 across seven companies, Launch NY’s Q3 investments bring the total from these funds to $3.97 million in 77 companies from the nonprofit fund, and over $1.90 million in 47 companies from the for profit fund since its inception.
The Q3 investments span an array of industry sectors such as cleantech, employee management, fintech, SaaS, healthcare, and food. Additionally, Launch NY portfolio companies received $160,000 through its Investor Network, which provides the first and only digital investor community exclusively dedicated to funding Upstate NY deals.
“While we’re always excited about funding new companies for the first time, the theme of Q3 investments was definitely the strong performance that netted our follow-on funding into a half dozen of our portfolio companies.” said Marnie LaVigne Ph.D., President and CEO of Launch NY. “On top of that we closed on seven Investor Network deals from our pool of over 150 accredited investors who wanted to join our #InvestLocal activity.”
Launch NY highlighted the following companies that received initial investments of $50,000 in total through its nonprofit Seed Fund and for profit LP Fund:
- Iryss (Rochester) – a fintech company providing transparency to fees that investors incur through their investment accounts, while connecting users to vetted financial advisors who can provide similar solutions, but at a reduced cost.
And follow-on investments of $530,000 in total from the nonprofit Seed Fund and for profit LP Fund in these existing portfolio companies:
- Agape (Rochester) – a science based, subscription platform to enrich relationships and reduce relationship failure, using AI/machine-learning and daily couples engagement tools.
- Antithesis Foods (Ithaca) – a food technology company that creates better food by editing characteristics such as texture, taste, and nutritional aspects, and offering healthy, crunchy snack foods like “Grabanzos.”
- Circuit Clinical (Buffalo) – a clinical trial company founded to make it easier for people to find, understand, and choose clinical research as a care option for themselves and their loved ones, while engaging a wider diversity of healthcare providers and study participants.
- EagleHawk (Buffalo) – a facility management technology solutions provider for exterior infrastructure using drone-collected data to assist facility managers in overseeing large-scale physical assets such as district energy systems, solar panels, and building envelopes.
- Promptous (Syracuse) – a prepaid dental benefit solutions company for small and medium businesses that require flexibility, simplicity, and affordability.
- Zizo Technologies (Buffalo) – a subscription based software solution with a unique gaming experience built in to enhance employee engagement, development, and retention.
About Launch New York:
The mission of Launch New York, Inc. (Launch NY), the only U.S. Treasury-designated Community Development Financial Institution (CDFI) directly providing venture funding to businesses in New York State, is to identify, support and invest in high-growth, high-impact companies that can transform the local economy and catalyze the entrepreneurial culture in the 27 counties comprising the western half of Upstate New York. Launch NY is a 501(c)(3) nonprofit venture development organization that promotes economic development through best practices, including high-quality pro bono business mentoring, while operating the most active seed fund in New York State that provides access to seed capital as part of an array of #InvestLocal financing programs designed to facilitate funding for investment-ready companies which have the promise to drive significant economic impact and jobs for our region.
Launch NY is headquartered in Buffalo and has co-locations with partner organizations in Binghamton, Ithaca, Rochester, and Syracuse. Since 2012, it has served over 1,272 companies, has more than two dozen experienced local entrepreneurs-in-residence and its National Mentor Network of 2,000 industry, business and investment experts. Launch NY mentored companies, including 27% women-led and 26% minority-led startups, that have created 4,453 jobs, attracted over $1 billion in co-investment and follow-on capital after joining Launch NY, and generated over $148 million in annual revenues.
Launch NY’s #InvestLocal Financing Programs include a nonprofit fund, for profit limited partner fund, and Investor Network. The Investor Network includes opportunities for accredited investors to fund Launch NY portfolio companies of their choice for as little as $10,000 starting with a free sign up to join a community of over 150 members. Those funded by Launch NY’s nonprofit fund started in 2016 include 74 portfolio companies comprising 32% women-led and 28% minority-led, have created 425 jobs, attracted nearly $70 million after receiving funding from Launch NY, and generated over $17 million in annual revenues. Launch NY also leads the premier Emerging Cleantech Opportunity (ECO) Incubator, one of six designated clean energy incubators sponsored by the New York State Energy Research and Development Authority (NYSERDA), as well as the Founders Go Big program, an innovative diversity and inclusion initiative introduced in 2020.