BUFFALO, N.Y. — Buffalo–based Launch NY has secured $5 million in funding from Empire State Development (ESD) through its NY Ventures Community and Regional Partner Fund.
The organization will use the money to expand its support for entrepreneurs across upstate New York, “furthering its mission to catalyze high-growth startups and drive economic prosperity in the region,” per its Wednesday announcement.
ESD’s NY Ventures Community and Regional Partner Fund is designed to provide up to $5 million in matching funds to accelerators, venture studios, and incubators that offer structured programmatic support for entrepreneurs with “high growth potential” in New York state.
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The fund is supported by $52 million in State Small Business Credit Initiative (SSBCI) money, Launch NY said.
The Fund requires a minimum of 1:1 matching capital from private sources, which Launch NY is fulfilling through its second limited-partner fund (Launch NY Seed Fund II, LP) whose lead investor, MetLife, announced its commitment in 2023.
“This $5 million investment is a testament to New York’s ongoing commitment to supporting high-growth startups, offering an incredible opportunity for Launch NY to build on our mission of catalyzing economic growth through high-impact entrepreneurship,” Marnie LaVigne, president and CEO of Launch NY, said in the announcement. “We are grateful for the confidence Empire State Development has placed in us, and we look forward to continuing our work of empowering our promising entrepreneurs to drive innovation and create jobs and wealth for our economic renaissance across Upstate New York.”
NY Ventures — a division of Empire State Development — strategically invests in high-growth companies that leverage technology to solve critical challenges across New York state. Through targeted investments and partnerships, the division expands access to venture capital for underserved regions and traditionally underrepresented entrepreneurs, including women and minority founders and fund managers, Launch NY said.
Launch NY describes itself as the only nonprofit venture-development organization and U.S. Treasury-designated Community Development Financial Institution (CDFI) that serves and directly funds startups in Upstate New York.
