June 25, 2020
Promptous Becomes Launch NY’s 30th LP Fund Portfolio Company
Buffalo, N.Y., June 25, 2020 – Launch New York (Launch NY), Upstate’s first and only venture development organization to provide pro bono mentoring and the most active seed fund in the state, has announced Promptous as its 30th Limited Partner (LP) Fund Portfolio Company.
Promptous, started in 2018, is a Syracuse-based technology company that administers Policy Hero, a member-first mobile and web platform. Currently with over 260,000 dental access points nationwide, the app helps to streamline enrollment, coverage and reimbursement processes for companies providing dental benefits to their employees. According to Promptous, employers can save up to 30 percent on dental benefits by cutting out insurance premiums.
“Upstate New York’s startup community is vast, and Launch NY represents such a diverse slice of the innovation and ingenuity that’s helping to shed our ‘Rust Belt’ stigma,” said Dr. Marnie LaVigne, President and CEO of Launch NY. “Promptous is yet another example of what can happen when the can-do spirit meets savvy, yet impact-driven investors who know that you can do good while doing well in a community we love. Promptous adds another promising tech industry player, grown right here, to our new economy.”
“We are grateful to have been identified by LaunchNY as a high-impact startup and receive their support,” said Josh Jackson, Co-Founder and CEO at Promptous. “They have helped to buoy us at our earliest stages, and we are proud to be a portfolio company of the program.” Launch NY’s funding will be used to support the company’s product development activities.
Launch NY’s for-profit Limited Partner (LP) Fund debuted in April 2019 and is designed to co-invest alongside Launch NY’s nonprofit Seed Fund, ultimately doubling the capital available for Launch NY client companies. Promptous is the 30th company in the LP Fund portfolio and the 57th company in the nonprofit Seed Fund portfolio.
These financing programs are offered through Launch NY’s #InvestLocal platform, which also supports deal-by-deal investments from accredited investors into these portfolio companies through its Investor Network, also offering Qualified Opportunity Funds with special tax incentives for investments in eligible businesses in the designated low income Opportunity Zones. The first Investor Network funding was announced recently with an investment in EagleHawk, alongside the introduction of the next round of funding opportunities closing July 31st.
Promptous will be among nearly 30 Launch NY portfolio companies exhibiting at the first Launch NY Virtual LP Summit on June 29th from 3-6 pm. The Virtual Summit, open to Launch NY LPs and Investor Network subscribers, will be hosted on fellow portfolio company Walkabout Workplace’s digital meeting platform, another company featured on the Investor Network. During the online event, there will be accredited investor meetings, company demos, and LP Briefs from: CEO of ACV Auctions, George Chamoun, Managing Director of Cayuga Venture Fund, Zach Shulman, Managing Partner of SoftBank NY and Seed Capital Partners, Jordan Levy, Managing Director of Beckage PLLC, Jennifer Beckage, Esq., President & CEO of Aspera, Mel Passarelli, Chief Network Officers of Motely Fools Ventures and Venture Partner, Maggie Dorn, and, Venture Practice of Thompson Hine LLP, Lindsay Karas Stencel, Esq.
“Despite the challenges we’re all facing today, Launch NY is offering a way for investors and entrepreneurs to make a difference together through our #investlocal financing programs and creative online meetup opportunities like our Virtual LP Summit,” said LaVigne, who noted that investors don’t have to be local to get involved, and Launch NY is waiving the Investor Network signup fee until December 31, 2020. Accredited investors who complete the no cost sign up at https://launchny.org/investor-network#invest-now by June 26th will be invited to the June 29th Launch NY Virtual LP Summit.
For more information about Launch NY, its programs and other entrepreneurial opportunities, visit its newly-redesigned website at www.launchny.org, and follow Launch NY on its Facebook, Twitter and LinkedIn pages.