NJEDA Approves Investment of $1M


The New Jersey Economic Development Authority (NJEDA) announced

Sept. 23 that its board approved investing up to $1 million into the Innovate

Capital Growth Fund (ICGF). The ICGF, which marks the NJEDA’s 21st

venture fund investment approval, is a Delaware limited partnership that 

was created last year to provide growth capital to minority- and women-

owned businesses located in the Mid-Atlantic region. ICGF is expected to 

invest an addition $2 in companies based in the Garden State for every $1 

the NJEDA commits. “ICGF’s investment strategy aligns perfectly with Gov. 

Phil Murphy’s vision to create the most diverse and inclusive innovation 

ecosystem in the nation,” said NJEDA Chief Executive Officer Tim Sullivan.

“Through investments such as this one, we are providing much-needed

capital for young companies to leverage as they grow, commercialize, and 

create good-paying jobs in New Jersey.” New Jersey Economic Development 

Authority's Founders and Funders event. To date, the NJEDA has committed

more than $64.5 million to 20 venture capital funds since 1999 — not including

this latest approval. The Fund will be managed by Innovate Capital Growth GP

LLC, which is owned in part by The Enterprise Center (TEC). ICGF managers

participated in the NJEDA’s New Jersey Founders & Funders event in June, 

chronicled by NJBIZ, where they met one-on-one 

with emerging innovation-focused companies.