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Governor Andrew M. Cuomo announced that New York State is launching a $2 million MWBE Investment Fund to provide seed financing to certified minority- and women-owned business enterprises.
“The launch of this first-of-its-kind investment fund will help further increase opportunities for minority and women-owned businesses in New York and help this vitally important part of this state’s economy grow,” Governor Cuomo said. “Under this administration, great strides have been made to support these businesses and encourage diversity in the private sector, and this new fund will go a long way toward making those gains permanent and building a brighter future for New York.”
This fund will be managed by Rochester-based Excell Partners, one of the eight venture capital firms that make up New York State’s Innovate NY Fund, L.P. CDVCA serves as the General Partner for the Innovate NY Fund, a $45 million seed stage business equity fund that supports innovation, job creation, and high growth entrepreneurship throughout New York State.