The New Jersey Economic Development Authority will be making a $2 million investment in a venture capital fund, under a deal the EDA board approved on Tuesday.
The EDA will make a $2 million limited partnership investment from its Economic Recovery Fund into Lawrence-based Edison Ventures’ Venture Fund VII. Agency CEO Caren S. Franzini said the investment helps a gap in financing for companies that aren’t eligible for other authority programs.
“Different businesses in different types of their life cycle need different funding,” Franzini said.
The fund will match the state’s investment by a two-to-one ratio, providing $6 million in total funding for companies, Franzini said.
In addition, the board approved a variety of Business Employment Incentive Program and Business Retention & Relocation Assistance Grant incentives.
Fairfield-based lighting supplier Amerlux LLC received a BEIP of $233,000 to add 55 jobs, and a BRRAG of $299,000, to retain 133 jobs at a site to be determined in the state, while DACO Inc. — a German office seating provider with a Boonton location — received a $198,000 BRRAG to retain 88 jobs in the state.
Orthopedic medical device company Biomet Inc. was approved for three incentives: a $1.28 million BEIP for 50 new jobs; an $826,000 BRRAG to retain 367 jobs with its EBI Holdings LLC subsidiary; and a $586,000 sales tax exemption.
Merck & Co. veterinary subsidiary Intervet Inc. was approved for a $3.98 million BEIP for adding 80 jobs, CPA firm McGladrey & Pullen LLP received a $1.93 million BEIP for 100 jobs, management software provider Sparta Systems Inc. received a $2.13 million BEIP to add 60 jobs and a $185,000 BRRAG to retain 82 jobs in Neptune, and Waste Management of New Jersey Inc. received $399,000 to add 60 jobs in Ewing.
The incentives are not given unless the companies actually follow through on their plans.