$5 Million Investment to Advance High-Growth Entrepreneurship In Upstate New York
Strategic State Partnership Amplifies Launch NY’s Mission to Transform Regional Startup Ecosystem
Launch NY has secured $5 million in funding from Empire State Development through its NY Ventures Community and Regional Partner Fund. With this critical investment, Launch NY will continue expanding its support for entrepreneurs across Upstate New York, furthering its mission to catalyze high-growth startups and drive regional economic prosperity.
Empire State Development’s NY Ventures Community and Regional Partner Fund, backed by $52 million in State Small Business Credit Initiative (SSBCI) funding, provides up to $5 million in matching funds to accelerators, venture studios, and incubators supporting high-growth entrepreneurs in New York State. More details about the Fund’s objectives can be found here. The Fund requires a minimum 1:1 matching capital from private sources, which Launch NY is meeting through its second limited partner fund, Launch NY Seed Fund II, LP, led by MetLife, which announced its commitment in 2023.
“This $5 million investment is a testament to New York’s commitment to supporting high-growth startups, offering an incredible opportunity for Launch NY to build on our mission of catalyzing economic growth through high-impact entrepreneurship,” said Marnie LaVigne, Ph.D., President and CEO of Launch NY. “We are grateful for the confidence Empire State Development has placed in us, and we look forward to continuing our work of empowering entrepreneurs to drive innovation and create jobs across Upstate New York.”
Empire State Development President, CEO, and Commissioner Hope Knight added, "This strategic investment in Launch NY represents a pivotal step in transforming Upstate New York’s entrepreneurial landscape. By providing structured education and critical funding to high-potential startups, we are not just supporting individual entrepreneurs—we are building a sustainable ecosystem that drives innovation, creates quality jobs, and establishes the region as a leading hub for technological advancement. This partnership exemplifies our commitment to fostering the next generation of business leaders who will shape New York’s economic future."
NY Ventures, a division of Empire State Development, strategically invests in high-growth companies that leverage technology to solve critical challenges across New York State. Through targeted investments and partnerships, the division expands access to venture capital for underserved regions and traditionally underrepresented entrepreneurs, including women and minority founders and fund managers. By bridging public and private sector resources, NY Ventures is fostering a dynamic, inclusive startup ecosystem that drives statewide innovation.
As the only venture development organization and U.S. Treasury-designated Community Development Financial Institution (CDFI) serving Upstate New York, Launch NY has invested nearly $15 million in over 100 startup companies. It has been the most active seed fund capitalizing New York State startups for the past six years. This new ESD funding will further expand Launch NY’s reach and impact through its model of pro bono, tailored mentorship combined with seed capital financing for scalable businesses. The investment underscores the shared mission of Launch NY and Empire State Development to cultivate a thriving entrepreneurial ecosystem across the region.