New Jersey Newark News

Newark Venture Partners: $50M Fund to put NJ on the startup map

Newark Venture Partners has a bold goal: to put Newark, NJ on the startup map. Newark Venture Partners is working in collaboration with the Newark Venture Accelerator to boost the technology economy of the city. Newark Venture Partners and the accelerator will oversee a $50M venture fund, aimed at seed and early stage investments:

Newark Venture Partners leaders 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 lightning-fast Wi-Fi and ultra-high bandwidth access to the Internet for innovative tech start-ups in Newark.1

The accelerator will be run out of the same building as Audible.com, an Amazon subsidiary that specializes in audio books. What’s more, Audible’s CEO, Don Katz, will serve as the chairman of Newark Venture Partners. The new fund is just the latest in what is a growing number of socially responsible accelerators/VC firms:

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. 2