The New Jersey Economic Development Authority (NJEDA) this week announced the first four approvals under its Angel Match Program, awarding those early-stage technology companies $2 million in total.

Launched last year, the NJEDA is the first entity to commit capital under the initiative. Then, other investors provide matching funds. A pool of $20 million from the federal State Small Business Credit Initiative (SSBCI) funds the program. The NJEDA’s investments range from $100,000 up to $500,000. That figure is then matched on a one-to-one basis with the company’s corresponding preferred equity round.

Four companies received up to $500,000 from the NJEDA under the Angel Match Program:

• AlphaROC Inc., Newark | Developer of a data science and analytics platform designed to leverage unique data sets to provide artificial intelligence (AI)-based insights to investors
• Princeton Identity Holding Co. Inc., Hamilton Township | A biometric identity management business that makes security accurate, reliable and convenient
• TLA Innovation Inc., Paramus | Develops solutions for individuals and businesses in the cybersecurity, privacy and regulatory industries
• vipHomeLink Inc., Morristown | A Digital Home Management solution providing tailored home maintenance reminders, engage digital content and expert home recommendations

The NJEDA says its early commitment helps catalyze additional financing in these innovative startups. That feeds an ultimate goal of fostering an entrepreneurial ecosystem that leads to economic growth.

In a press release announcing the first round of approvals, NJEDA Chief Executive Officer Tim Sullivan noted the Murphy administration’s economic development strategy. He said that work has centered on connecting entrepreneurs and small business owners with the capital they need to succeed – especially after the pandemic – in an equitable and inclusive manner.

“The Angel Match Program is unlocking capital for companies and stimulating greater investment into New Jersey’s innovation ecosystem,” said Sullivan.

NJEDA Chief Economic Transformation Officer Kathleen Coviello echoed that sentiment. She stressed that Angel Match is designed to amplify growth here in the Garden State.

“With an emphasis on matching angel and seed stage investments, the program reinforces the state’s commitment to nurturing an ecosystem conducive to technological advancement and economic diversity,” said Coviello.

“Through these strategic investments, the Angel Match Program will help companies achieve successful, scalable commercialization of their cutting-edge products and create high-skilled jobs across the state,” said Sullivan.

More information on the Angel Match Program is available here.