With the growing investment in tech start-ups in New York, it makes logical sense to consider tech opportunities in New Jersey, and more specifically in Newark, just 17 minutes away from Mid town Manhattan. Well, a new venture capital invest fund for tech start-ups was announced yesterday a new accelerator and early stage venture fund with a capital fund of $50 Million. Newark Venture Partners will manage an early-stage investment fund that will provide capital as well as sophisticated company-building services and a collaborative state-of-the-art 25,000-square-foot accelerator workspace with gigabit-plus fiber to the desktop, lightning-fast Wi-Fi, and ultra-high bandwidth access to the Internet for innovative tech start-ups in Newark. The accelerator’s One Washington Park location, adjacent to Newark’s Broad Street train station and just eighteen minutes by train from Manhattan, also houses the headquarters of Audible and its Newark-based employees as well as the Rutgers University Business School, which is providing rent-free access to the facility, now being readied for construction in the building.
The first fund of its kind in the New York metropolitan area, Newark Venture Partners is part of a national “social impact investing” trend characterized by a “double bottom line” investment thesis that will include regularly published metrics on the fund’s contribution to social and economic improvement such as job growth, taxable revenue growth, increased residential in-migration, foot traffic, and the growth of vibrant street level amenities. Last years venture capital investment in New Jersey was aproximately $543 Million in comparison to NY venture capital investment of $5.1 Billion.
The formation of Newark Venture Partners was announced July 20th 2015 in Newark NJ by Audible founder and CEO Donald Katz, Prudential Financial Vice Chairman Mark Grier and other leaders. Other speakers and supporters included Senator Cory Booker, Newark Mayor Ras Baraka, Acting Governor of New Jersey Kim Guadagno, former New Jersey Governor Thomas Kean, former Nebraska Governor and U.S. Senator Bob Kerrey.
Newark Venture Partners is New Jersey’s first elite 21st-century venture organization, providing capital, company-building services and residence to innovative tech start-ups in Newark. Newark Venture Partners exists in principal part to establish Newark’s comeback as a technology and innovation hub, and to affirm Newark and New Jersey as a flourishing home to early-stage growth companies that will catalyze economic development and create access to new jobs for all citizens. This fund will made up of private funds, no government monies have been included in the fund.