BUFFALO, N.Y. — Launch NY says it will use $5 million in state funding to expand its support for entrepreneurs across upstate New York. Empire State Development (ESD) awarded the funding through its NY Ventures Community and Regional Partner Fund. Launch NY says the money will help it in “furthering its mission to catalyze high-growth […]
BUFFALO, N.Y. — Launch NY says it will use $5 million in state funding to expand its support for entrepreneurs across upstate New York.
Empire State Development (ESD) awarded the funding through its NY Ventures Community and Regional Partner Fund.
Launch NY says the money will help it in “furthering its mission to catalyze high-growth startups and drive economic prosperity in the region,” per its early February 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.
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-to-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 Buffalo–based 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.
“This strategic investment in Launch NY represents a pivotal step in our mission to transform Upstate New York’s entrepreneurial landscape,” Hope Knight, president, CEO, and commissioner of Empire State Development, said in the Launch NY announcement. “By providing both structured education and vital funding to high-potential startups, we’re not just supporting individual entrepreneurs – we’re building a sustainable ecosystem that will drive innovation, create quality jobs, and establish the region as a leading hub for technological advancement. This partnership exemplifies our commitment to fostering the next generation of business leaders who will shape New York’s economic future.”
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.
The organization says it has invested nearly $15 million in over 100 startup companies to date and has been the “most active seed fund capitalizing New York state startups for the past 6 years.” The ESD funding will “catalyze even greater reach and impact” throughout the upstate New York region, through Launch NY’s model of pro bono, tailored mentorship paired with seed-capital financing for scalable businesses.
