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Syracuse firm becomes 30th company of Launch NY’s limited partner fund

By Eric Reinhardt (ereinhardt@cnybj.com)

Date:

SYRACUSE, N.Y. — Launch New York (Launch NY) has announced Promptous as its 30th limited partner (LP) fund portfolio company.

Buffalo–based Launch NY says it’s a venture-development organization that provides pro-bono mentoring and a seed fund.

Started in 2018, Promptous is a Syracuse–based technology company that administers Policy Hero, a member-first mobile and web platform. It is listed as a member of the Syracuse Tech Garden on the Tech Garden website.

Currently with more than 260,000 dental-access points nationwide, the Promptous app helps to streamline enrollment, coverage, and reimbursement processes for companies providing dental benefits to their employees. Promptous contends employers can save up to 30 percent on dental benefits by “cutting out insurance premiums,” per the Launch NY news release.

“Promptous is yet another example of what can happen when the can-do spirit meets savvy, yet impact-driven investors who know that you can do good while doing well in a community we love. Promptous adds another promising tech industry player, grown right here, to our new economy,” Marnie LaVigne, president and CEO of Launch NY, said in a statement.

Promptous received total commitments of $30,000 from Launch NY’s nonprofit and for-profit seed funds, LaVigne tell CNYBJ. The firm plans to use the Launch NY funding to support the company’s product-development activities.

“We are grateful to have been identified by LaunchNY as a high-impact startup and receive their support,” Josh Jackson, co-founder and CEO at Promptous, said. “They have helped to buoy us at our earliest stages, and we are proud to be a portfolio company of the program.”

About the limited partner fund

Launch NY’s for-profit limited partner (LP) fund debuted in April 2019 and is designed to co-invest alongside Launch NY’s nonprofit seed fund, “ultimately doubling” the capital available for Launch NY client companies. Promptous is the 30th company in the LP fund portfolio and the 57th company in the nonprofit seed fund portfolio.

These financing programs are offered through Launch NY’s #InvestLocal platform, which also supports deal-by-deal investments from accredited investors into these portfolio companies through its Investor Network, also offering Qualified Opportunity Funds with special tax incentives for investments in eligible businesses in the designated low income Opportunity Zones.

The first Investor Network funding was announced recently with an investment in EagleHawk, alongside the introduction of the next round of funding opportunities closing July 31.

 

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