Industry Leaders Leverage New Jersey Economic Development Authority Funds to Support Early-Stage Companies

TRENTON, N.J. (August 9, 2018) – As key players in the Garden State’s innovation ecosystem, Jim Gunton and Stephen Socolof know the importance of nurturing early-stage technology and life sciences companies. They also understand the value that strategic investments can provide to these businesses. Together the duo spearheads Tech Council Ventures, the venture fund arm of the New Jersey Technology Council.

Last year, the New Jersey Economic Development Authority (EDA) made a limited partnership investment of up to $7.5 million in Tech Council Venture’s latest venture fund – Tech Council Ventures II – to support emerging companies in fast growing sectors, including healthcare information technology, life sciences, education technology, financial technology, media technology and energy. The objective of Tech Council Ventures II is to invest in 20 to 25 early-stage companies with an average initial investment of $500,000 to $2 million. A variety of New Jersey Fortune 50 corporations, health systems, multiple university endowments, and Wall Street financial institutions also invested in the Fund. Read more here

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