The New York Ventures Direct Fund

  • May 27, 2021

Since the unfortunate end of the New York MWBE Fund (https://www.ebhoward.com/the-fund-women-minority-business/) many New York-based small businesses have had to explore new ways to get funded. Seed funding can be among the most difficult to raise especially for a small business owner who is just beginning their journey. It is for this reason that New York’s small business owners seek the assistance of The New York Ventures Direct Fund.

The New York Ventures Direct Fund is a $100 million venture capital fund that invests in seed and early-stage businesses throughout the state. Funding varies but the goal of the program is to fund emerging startups to stimulate job creation and drive economic growth.

Approach

The New York Ventures Direct Fund program is focused on Series A investments and select seed rounds. The program will provide capital for first-time CEOs or founders and specifically consider geographic regions and minority and women founders who are traditionally not adequately served by the venture community. All investments are made in strategic industry sectors (e.g., advanced manufacturing, technology, clean energy, and advanced manufacturing life sciences).

The initial Series A investments typically range in size from $500,000 to $1.5 million with follow-on reserves of 1-3 times the initial investment amount. Seed investments range in size from $150,000 – $500,000.
This program requires at least a 2:1 match from private sources at the time of investment.

Eligibility

To be eligible for The New York Ventures Direct Fund companies must be located in, or agree in writing to move to NYS and have the potential to generate economic activity in New York. All applicants must participate in an emerging technology field (as defined below) and are achieving, or have the potential to achieve, technological advances and innovation. Applicants are encouraged to correspond via email at NYSInnovationVCFund@esd.ny.gov. All applicants will be required to submit a short written summary and pitch deck. See more details The New York Ventures Direct Fund.


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