Innovate NY Fund

Program Purpose
 The Innovate NY Fund is a seed stage business equity fund with up to $45 million to support innovation, job creation, and high growth entrepreneurship throughout the state. The Innovate NY Fund is supported with $35 million in State SSBCI funds and $10 million from Goldman Sachs, and is expected to leverage over $90 million in additional private investment in small businesses.

Six competitively selected investments were selected to invest in technology companies and other high growth firms throughout New York State.  All contracted investment funds must secure at least a 2:1 match from private sources on its aggregate portfolio at the time of investment.  Innovate NY funding may not exceed $500,000 per investment or $750,000 in the case of any individual biotechnology related company. 

Selected investment entities include:
  • CanRock Ventures Canrock Ventures is an early stage technology venture capital fund focused on opportunities on Long Island and New York City. They focus on enterprise software and business analytics.

  • Cayuga Ventures Cayuga Venture Fund has been working to create and establish a thriving community of leading edge, high tech start-up companies in Ithaca, the Southern Tier and Western New York by providing the necessary capital and other resources they need to grow and prosper.

  • Excell Partners Excell Partners is a University of Rochester and NYS supported fund which provides pre-seed and seed stage financing to high-tech start-up companies focused on the Fingerlakes Region and Western NY.
  • ff Venture Capital  ff Venture Capital is an institutional venture capital investor in seed-stage companies, investing through ff Rose Innovate NY Fund, LP and its other funds.  Since 1999, our Partners have made over 160 investments in over 60 companies.  ff VC offers extensive resources dedicated to portfolio acceleration, including a job board, recruiting assistance, strategy consulting, an experienced mentor network, a pool of preferred service providers, a portfolio executive community, and accounting services.
  • SCP / Z80 Labs SCP and Z80 Labs’primary objective is to serve as a catalyst in the creation of a new technology economy in the Buffalo and western NY areas.  SCP’s focus will be on emerging technology fields, with a focus on internet, information technology, digital media, and life sciences, and will principally focus on those located in the Southern Tier, Finger Lakes, Central, and Western regions of New York State.

 

Contact Information For Innovate NY program questions, please mail InnovateNY@esd.ny.gov