Unlocking Growth: The Pre-seed and Seed Matching Fund Program by NY Ventures

Introduction

In a groundbreaking move to bolster high-growth startups, the State Small Business Credit Initiative (SSBCI) has earmarked a substantial $30 million for the Pre-seed and Seed Matching Fund Program. This initiative is specifically designed to nurture startups at the most critical stages of their development.

Objective of the Program

The primary aim of the SSBCI is to cultivate early-stage, high-growth potential startups through substantial financial backing and strategic support. By focusing on the nascent stages of company growth, the program seeks to streamline the path from innovative idea to market-ready product.

Overview of the Program

Administered by NY Ventures, the state's venture capital arm, the Pre-Seed and Seed Matching Fund Program (NYVPSSF) provides vital equity investments ranging from $50,000 to $250,000. A unique aspect of this program is the requirement for matching funds from the private sector, ensuring that for every dollar invested by NY Ventures, there is at least an equivalent private investment.

This program not only provides financial assistance but also equips startups with essential tools and connections necessary for scaling their operations. The selection process for applicants is competitive, focusing on the potential for venture scalability and alignment with the program's strategic priorities.

NY Ventures is committed to fostering diversity and technological innovation, investing in teams that are addressing significant challenges through technology across various strategic sectors in New York State.

Investment Eligibility

Eligible companies for this program include those in pre-seed or seed stages across a diverse range of industries, with a special emphasis on technology-driven sectors such as:

• Advanced Manufacturing
• Agricultural Tech
• Climate and Energy Tech
• Consumer Tech
• Data/SaaS/AI
• Deep Tech
• FinTech
• Healthcare
• Life Sciences and BioTech
• Medical Devices

To qualify, companies should have raised $2 million or less in dilutive funding prior to the current round and demonstrate a commitment to creating economic impact within New York State. This includes maintaining headquarters in the state and ensuring at least one C-suite executive is based there. Importantly, companies must secure matching funds from credible private sector investors to meet the 1:1 financing ratio requirement.

How to Apply

Startups interested in applying for the Pre-seed and Seed Matching Fund Program can access the application through NY Ventures' official portal. Applicants are required to complete a Sources and Uses document, which can be downloaded from the same site. The application process is designed to be transparent and facilitate a straightforward submission.

Conclusion

The Pre-seed and Seed Matching Fund Program by NY Ventures represents a significant opportunity for early-stage companies to accelerate their growth and contribute to the vibrant technological landscape of New York State. By supporting startups with not only funding but also critical growth tools and introductions, NY Ventures is paving the way for a new generation of innovative leaders.

For more information and to apply, pleaseClick "How To Apply"