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NYC Seed to Invest in NY Startups

POSTED on June 5, 2008

NEW YORK - Mayor Michael Bloomberg this week announced the launch of NYC Seed, a new fund that will invest in start-up technology companies in New York City. NYC Seed will invest up to $200,000 per company to develop prototypes and new technologies, fulfilling a crucial funding gap in New York City's venture capital sector for smaller technology firms.

Companies participating in the program will also receive marketing and strategic support services. NYC Seed is a joint-venture of the New York City Economic Development Corporation (NYCEDC), the New York City Investment Fund, the economic development arm of the Partnership for New York City, Polytechnic University, the New York State Foundation for Science, Technology and Innovation, and the Industrial and Technology Assistance Corporation.

"New York City has always been a place where aspiring actors, artists and musicians have come to live out their dreams and ambitions, and we want to make sure it is the place where aspiring technological entrepreneurs come as well," said Mayor Bloomberg. "New York City is a center of innovation that offers unparalleled talent and ingenuity, but many smaller start-up companies have difficulty accessing seed capital to get off the ground. NYC Seed is designed to help fill that critical gap, which will help New York City continue to emerge as a technology leader."

"NYC Seed fills a critical void - a gap between the talent, innovation and ingenuity available in the City to make us a hub of internet development, and the seed capital to do so," said NYCEDC President Seth Pinsky. "I applaud the leadership and vision of NYCSeed's investors for recognizing the importance of supporting this sector and helping to increase its contribution to the growth and diversity of New York City's economy."

"Right now, there is a strong demand for smaller amounts of capital for early stage companies in New York City," said New York City Investment Fund President and CEO Maria Gotsch. "NYC Seed will address that demand and help spur the entrepreneurial technology sector by making investments in new ventures that will in turn create more jobs for the city's economy."

NYC Seed will be housed at Polytechnic University's incubator in downtown Brooklyn and will serve as a catalyst to help expand New York City's burgeoning technology sector. It will be guided by a Venture Advisory Board comprised of notable entrepreneurs, technologists and venture capitalists. To date, $2 million has been raised for the program. Companies can learn more about NYC Seed and download an application at www.nycseed.com.