January 30, 2018
Launch NY Has Invested $925,000 in Upstate NY Startups Since March 2016 with Six New Portfolio Companies
Upstate New York, January 30, 2018 – Launch New York (Launch NY), Upstate New York’s first and only venture development organization (VDO) to provide pro bono mentoring and capital access to high-growth potential startup businesses across the 27 westernmost counties of New York State, today announced six new investments. Since 2016, the organization has invested a total of $925,000, in over 20 of Upstate New York’s most promising companies to become the most active seed fund in Upstate New York, while also earning a designation as the only venture funding Community Development Financial Institution (CDFI) deploying capital in New York State. With more than 75 applications to date and an average of more than one investment transaction per month, Launch NY is continuing its raise to fully capitalize the fund at $5MM, by leveraging its CDFI status and appeal to investors and funders who want to support startups, to meet the significant demand for risk capital among regional entrepreneurs.