Innovate NY Fund
Supports seed-stage New York technology startups by investing through selected regional fund managers.
Eligibility · United States · US-NY
The Innovate NY Fund was a $45.9 million fund-of-funds initiative launched in December 2012, using a $35.6 million grant from the US Department of the Treasury and a $10.3 million contribution from Goldman Sachs. Seven fund managers were competitively selected to invest in seed-stage businesses supporting innovation, job creation, and high-growth entrepreneurship across New York State. Selected managers included Cayuga Ventures, Excell Partners, ff Venture Capital, Golden Seeds, Partnership Fund for New York City, SCP Incubators/Z80 Labs, and Stonehenge Growth Equity Partners.
Over its operational life the fund invested in 81 New York State companies, catalyzed more than $323 million in follow-on private sector investment, and contributed to the creation and retention of 2,250 jobs. No new investments are being made; all capital has been fully deployed and the fund is closed.
The Innovate NY Fund is documented here as a historical record of an earlier New York State venture initiative. Organizations seeking equivalent active state co-investment capital should apply to the NYS Innovation Venture Capital Fund, which serves as the successor program and holds approximately $135 million for direct co-investment alongside institutional and strategic lead investors into New York technology companies at Seed through Series B. Contact for historical inquiries: innovateny@esd.ny.gov.
Historical $45.9M fund-of-funds (launched 2012, now closed) that provided seed-stage investment capital through seven competitively selected fund managers across New York State.
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