April 3, 2019
Launch NY Limited Partner Fund Makes First Investments
Buffalo, N.Y., April 3, 2019 – Launch New York (Launch NY), Upstate New York’s first and only venture development organization to provide pro bono mentoring and capital access to high-growth startups across the 27 westernmost counties of the state announced today that Launch NY Seed Fund I, LP, its for profit Limited Partner Fund, has made its first investments in four promising startups. This milestone marks the inaugural investment from Launch NY’s new Invest Local Financing Programs, a returns-based investment opportunities platform for accredited investors looking to make a profit while also having a positive impact on the Upstate New York entrepreneurial ecosystem and regional economy.
The LP Fund works in tandem with the Launch NY Seed Fund, which has been built as a nonprofit fund through donations and grants, becoming one of the most active seed funds in the country and the most active in New York State since inception in 2016. Based on its commitment to funding high-growth potential startups in economically distressed areas, U.S. Department of Treasury designated Launch NY as one of only 17 venture funding Community Development Financial Institutions (CDFI) nationwide and the only one deploying its own capital in New York State.