Golden Seeds selected to receive $4 million in funds from Empire State Development's Innovate New York Fund
NEW YORK, April 18, 2012 /PRNewswire/ -- Golden Seeds will receive $4 million to invest in seed and early stage technology, life sciences, and consumer product companies located in all regions of New York State. Golden Seeds will manage the funds received from the Innovate New York Fund alongside its two venture capital funds that currently have $30 million under management.
Golden Seeds was one of six investment funds selected to invest in seed stage businesses in New York State. The funding is part of Empire State Development's Innovate New York Fund, which will utilize a $25 million grant from the U.S. Department of Treasury's State Small Business Credit Initiative to leverage at least $50 million in private investment and create over 2,200 jobs for small businesses.
"We are honored to be selected for this important award. The allocation of public funding to equity investments marks a significant shift from the traditional focus on debt financing as the primary tool for economic stimulus," said Stephanie Newby, Managing Director, Golden Seeds. "We believe equity capital is vital in the support of innovation and job growth."
About Golden Seeds
Golden Seeds is an investment firm dedicated to delivering above market returns for investors through the empowerment of women entrepreneurs. Its angel network consisting of over 240 men and women is the fourth largest in the US and was the third most active in terms of deals done in 2011. Its venture capital group of eight Managing Partners currently has two funds under management with investments in 25 portfolio companies. Started in 2004 and headquartered in New York, with offices in Boston and San Francisco, the firm also has investor groups in Los Angeles and Dallas. www.goldenseeds.com
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SOURCE Golden Seeds