The New Jersey Economic Development Authority (NJEDA) this week approved three more companies as Qualified Venture Firms (QVFs) in the New Jersey Innovation Evergreen Fund (NJIEF).
The NJIEF allows the state to become an equity investor in New Jersey-based, early-stage businesses, contributing up to $300 million in the companies alongside approved venture capital firms for a total of $600 million. The capital was raised from a tax credit auction last December.
The three QVFS approved Sept. 11 by the NJEDA are:
With this week’s approvals there are now a total of 10 QVFs – firms were also added in July and in May – that can access up to $12.5 million annually per investor from the NJIEF to co-invest in innovative, high-growth companies based in the Garden State.
“The NJIEF offers a unique and responsive solution for getting capital into the hands of the state’s youngest companies while also building New Jersey’s role as a leader in innovation,” said NJEDA Chief Executive Officer Tim Sullivan.
In a press release announcing the approvals, the NJEDA stressed that venture capital firms throughout the nation and world can apply to be QVFs here in Jersey.
“Venture firms nationwide are taking notice of New Jersey’s leadership in innovation and are eager to invest into our state’s high-growth startups through the NJIEF,” said NJEDA Chief Economic Transformation Officer Kathleen Coviello. “We are excited to partner with the approved QVFs as we begin to make strategic investments that will benefit emerging companies as they expand and thrive in the Garden State.”
More information on the NJIEF including applications can be found here.