BUFFALO, N.Y. — The Ralph C. Wilson, Jr. Foundation has made an additional $3 million investment over the next two years to support Launch NY’s nonprofit Seed Fund.
The funding will also benefit Launch NY’s other #InvestLocal startup-financing products, mentorship programs, and organizational capacity.
Launch NY describes the Seed Fund as the “most active” seed fund in New York State and “one of the most active in the country.”
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Buffalo–based Launch NY is upstate New York’s “first and only” venture-development organization to provide capital access and pro-bono mentoring to high-growth potential startup businesses across the state’s 27 westernmost counties. It has partner sites in Binghamton, Ithaca, Syracuse, and Rochester, per its website.
Based in Detroit, Michigan, the Ralph C. Wilson, Jr. Foundation targets efforts and projects in Wilson’s home and adopted home regions of Southeast Michigan and Western New York. The Foundation is named for the founder and 54-year-owner of the Buffalo Bills. Wilson died in 2014 and the foundation bearing his name started operations a year later, per its website.
“As a result of ongoing support from the Ralph C. Wilson, Jr. Foundation starting in 2016, we have grown to meet demand in our community for mentorship and capital to help entrepreneurs make their new business ideas a reality. Together, we are contributing to new-economy jobs in our region while simultaneously building the most active seed fund in New York State and one of the most active in the country, investing in two-to-four companies every month,” Marnie LaVigne, president and CEO of Launch NY, said in a release. “With the Wilson Foundation’s support, entrepreneurs can now build their business right here in Upstate New York, when previously they had to leave the region or let their great ideas die on the vine.”
This is the third grant made to Launch NY by the Wilson Foundation, following its awards of $2.5 million in 2016 and $4.5 million in 2019, for a total investment of $10 million over eight years.
“This new award will be critical in expanding our team, which is providing unique diversity, equity and inclusion programs and building even more capital access through our growing array of #InvestLocal financing programs, which only seems fitting, since the Foundation really made it all possible starting with our first award in 2016,” LaVigne said. “Launch NY is committed to ensuring that we serve high-growth startups with a team that is as diverse and driven as the founders and their businesses.”
“Launch NY continues to play a key and impactful role in the entrepreneurial ecosystem of the region,” Jim Boyle, vice president of programs and communications at the Ralph C. Wilson, Jr. Foundation, said. “This additional funding will ensure continued business advisory services are provided to high-growth entrepreneurs and help move the region closer toward inclusive, economic prosperity.”
Investments made by Launch NY’s Seed Fund since it started in 2016 have totaled $4.3 million as of Dec. 31, 2021. Those investments have enabled its portfolio companies to raise an added $85.2 million — “nearly 20 times more” — in follow-on funding from outside investors.
The follow-on capital raised by its portfolio companies came from angel investors, venture-capital firms and other institutional investors attracted by the strength of the businesses and the “robust ecosystem” supporting their growth.
To date, Launch NY’s #InvestLocal financing programs have funded 77 startup companies, the organization said. These companies have created 438 jobs; attracted $85.2 million in co-investment and follow-on capital; and generated more than $22.3 million in revenues.
Forty-three percent of Launch NY’s portfolio companies are women- and/or minority-led ventures, it noted.
