Newark Venture Partners, an accelerator and $50m venture fund, comes to New Jersey with sights on Rutgers.

Newark Venture Partners (NVP), a new accelerator and venture fund, is partnering Rutgers University on a rent-free space share.

NVP, which is targeting a $50m venture fund in its first raise, will be looking to share office space with Rutgers University Business School rent free. In return, the university will have a new accelerator and venture firm on its doorstep, potentially opening the door for Rutgers spinouts and startups to become involved with NVP.

NVP is seeking to transform New Jersey’s venture woes, which attracted $419m in venture capital last year compared to neighbouring New York’s $4.8bn.