Launch NY has added more resources – to the tune of about $11 million – to support regional startups.
The nonprofit venture development organization in Upstate New York recently raised $10.95 million as part of its limited partner seed fund II, which launched last year. That's based on recent filings with the U.S. Securities and Exchange Commission.
Launch NY has several investment vehicles, including a nonprofit fund, a for-profit limited partner fund and a network of investors who will consider deals on an individual basis.
The Launch NY Seed Fund II LP means the organization “can continue serving the demand for seed capital to build their businesses in the region for years to come without having to consider leaving town or letting their good ideas die on the vine,” according to its year-end summary.
The fund made its first investments in Q3 last year.
The fund includes a $1 million impact investment from MetLife Foundation, which focuses on driving inclusive economic mobility. MetLife reported that the fund is aiming to raise a total of $15 million to $20 million.
Launch NY, led by CEO Marnie LaVigne, last year got approval for up to $5 million from Empire State Development Corp.’s State Small Business Credit Fund Initiative via NY Ventures. The state money is contingent on the organization’s commitment to a 1-to-1 match from non-government sources into the fund.
Launch NY, founded 11 years ago, has invested nearly $12 million total in Upstate New York startups, according to its year-end 2023 report. That includes $1.975 million invested in 2023, $2.320 million in 2022, $2.712 million in 2021, $2.230 million in 2020 and $1.160 million in 2019.
