Newark Venture Partners

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Newark Venture Partners
Founded2015
FounderDon Katz, Dan Borok, and Tom Wisniewski
HeadquartersNewark, New Jersey
Key people
Dan Borok, Tom Wisniewski and Vaughn Crowe (managing partners)
Websitehttps://www.newarkventurepartners.com/
Footnotes / references
[1][2]

Newark Venture Partners (NVP) is a global venture capital and early stage accelerator in Newark, New Jersey focusing on technology startups. The NVP Labs are located at facilities of the Rutgers Business School at One Washington Park.[3][4]

History[]

NVP Fund I[]

In July 2015, Don Katz and other co-founders announced a formation of Newark Venture Partners through its sister entity Newark Venture Accelerator, LLC. with a target of $50 million to fund technology startups in Newark. The plan was to accept applications from startup founders in October 2015.[2] By May 2016, it raised $23 million from Audible, Prudential Financial, Dun & Bradstreet and other backers. The fund intended to invest $10 million per year for 5 years.[5]

In 2016, the fund announced its inaugural lab accelerator class. NVP provided one-year free office space, professional development and an investment up to $100K to each of its lab class companies. The first lab class consisted of 9 companies out of 650 applicants. NVP planned to support two lab classes each year.[6]

By October 2021, NVP invested $42 million in 97 portfolio companies.[7], including AeroFarms.[1]

NVP Fund II[]

NVP Fund II has a target at $100 million. Af of August 2021, it closed on $73.6 millions with 35 backers including Audible, Dun & Bradstreet, Fidelco Realty Group, Horizon Blue Cross Blue Shield of New Jersey, Panasonic Corporation of North America, Prudential Financial, RWJBarnabas Health, TD Bank, N.A., and New Jersey Economic Development Authority. The NVP Fund II started its investment in 2021.[8]

References[]

  1. ^ a b Szkutak, Rebecca (11 October 2021). "Newark Venture Partners Raises $85 Million And Adds A New Managing Partner". Forbes. Retrieved 23 October 2021.
  2. ^ a b Chernova, Yuliya (22 July 2015). "Newark Is Tapped for Tech Venture Fund, Accelerator". The Wall Street Journal. Retrieved 23 October 2021.
  3. ^ O'Brien, Sara Ashley (July 20, 2015). "Can tech save Newark?". CNNMoney.
  4. ^ "Newark Venture Partners Created to Fund Tech Start-up Hub in Newark". www.rutgers.edu. July 11, 2015.
  5. ^ Chernova, Yuliya (24 May 2016). "Newark Venture Partners Nets $23M for Debut Fund". The Wall Street Journal. Retrieved 25 October 2021.
  6. ^ Mazzola, Jessica (12 December 2016). "9 start-ups that could make Newark the next tech mecca". NJ.com. Retrieved 25 October 2021.
  7. ^ "Startup Ecosystems Are Everywhere". Business Facilities (September/October 2021). Retrieved 23 October 2021.
  8. ^ "Newark Venture Partners Updates Fund II Filing". Venture Capital Journal. No. 10 August 2021. Retrieved 23 October 2021.
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