The governor of New York makes a deal with lawmakers to double the venture capital fund announced in December 2014 bringing it to $100m.
Andrew Cuomo, governor of New York has made a deal with lawmakers to double his initial request of a $50m venture capital fund resulting in the state including $100m in the budget according to Bloomberg.
The fund is aimed at the biotechnology and advanced material sectors, specifically businesses that are looking to bring their work to market. The fund is part of the wider Startup NY initiative, launched by governor Andrew Cuomo, to support new businesses in the New York area with a focus on linking businesses with the state university system.
It is planned that the fund be overseen by Empire State Development, a state-run economic development agency.
Speaking at the launch of the fund in December 2014, when it was for $50m, Cuomo said: “New York is home to some of the brightest minds in the world – and by launching this fund, we’re helping these budding entrepreneurs bring their ideas to market right here in the Empire State.”
