Technology is brewing in Newark. That’s right Newark!
Newark Venture Partners hosted Demo Day this week for its second cohort of promising startups in its Accelerator program. Eleven companies hit the stage at the Prudential Center showcasing the growth and traction achieved since the beginning of the program in April. Housed in a picturesque, state-of-the-art 25,000 sq. foot office that’s minutes from Manhattan, these eleven companies received $100,000 in funding each in return for a 6% equity stake, guaranteed co-investment up to $1M for future rounds, and mentorship from a number of seasoned industry professionals including Brad Burnham (Union Square Ventures), John Elton (Greycroft Partners), Jason Perri (Glamsquad), and Ras J. Baraka (Mayor of Newark).
This accelerator program is a part of the larger Newark Venture Partners investment fund that is driving the growth of a dynamic tech ecosystem in Newark. The program is backed by corporate partners that include Audible, Prudential Financial, Dun & Bradstreet, Rutgers Business School, and the City of Newark. These partners are also instrumental in helping the portfolio companies with business development and other strategic initiatives. The city of Newark is currently in the midst of a $2B redevelopment project that will ensure Newark’s fertility as an ecosystem to be watched moving forward.
Founded by Don Katz (Founder of Audible) and led by Managing Partners, Thomas Wisniewski and Dan Borok, Newark Venture Partners will be unleashed these eleven companies to the world. “As a fund, we invest is Seed through Series A stage companies. The NVP Labs program is our proving ground,” remarked Wisniewski.