NH BFA Early Stage Capital

NH BFA Early Stage Capital

Invests in New Hampshire startups through partner funds focused on growth-stage innovation.

The New Hampshire Business Finance Authority Early Stage Capital program deploys equity investment into New Hampshire startups through three partner funds rather than direct BFA disbursement. The three vehicles are: the Granite Fund, a public-private partnership in which BFA contributed $4.5 million alongside $20 million in private sector capital — this fund is fully invested and closed to new commitments, but generated a track record of 750+ jobs and $40 million in annual payroll across portfolio companies including Dyn, Avitide, Newforma, and Compass Therapeutics; the Vox Health Fund, focused on life sciences and digital health ventures and actively making new investments as of 2026; and Millworks Fund II, a BFA partnership with 40 angel investors that allocates $600,000 per year and delivers capital through the TechOut and AlphaLoft accelerator programs, targeting companies prepared to expand operations within New Hampshire.

This is equity investment, not a grant. Founders who receive investment from any of these vehicles give up ownership stakes in exchange for capital and, in many cases, guidance and mentorship. Vox Health Fund targets life sciences and digital health companies, so non-healthcare startups should focus attention on Millworks Fund II or other BFA programs. The Granite Fund accepts no new applications. There are no published application deadlines for the active funds; deal flow is driven by accelerator program cycles for Millworks and by the Vox Health Fund's own sourcing pipeline.

Founders seeking access should contact NH BFA at 603.415.0190 or info@nhbfa.com to be directed to the appropriate partner fund. Healthcare and life sciences startups should inquire specifically about Vox Health Fund eligibility. Technology startups at the seed or pre-seed stage may find Millworks Fund II the most accessible route, given its structured delivery through New Hampshire's two main startup accelerators.