A Rochester-based venture capital firm has been tapped to manage a new $2 million investment fund launched by the state to provide seed funding to certified minority- and women-owned business enterprises.
Gov. Andrew Cuomo announced Friday the MWBE Investment Fund will be managed by Excell Partners Inc.
“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,” Cuomo said in a statement.
The investment fund was created to support innovation and job creation throughout the state. Excell will invest in early stage companies primarily in emerging technology, with a focus on the fields of advanced materials, clean technology, life sciences and medical devices.
The $2 million investment in Excell Partners brings the firm’s overall investment in regional small businesses to more than $14 million, state officials noted. Excell also has been tapped to administer the New York State Innovation Venture Capital Fund and Innovate NY Fund investment programs.