Talentegy Joins Newark Venture Partners
Part of 8 New Tech Startups for the Fall Cohort
NEWARK, N.J., Sept. 25, 2018 /PRNewswire-PRWeb/ -- Newark Venture Partners (NVP), a leading East Coast early-stage venture fund, today announced the start of its Fall 2018 NVP Labs program. The newest cohort of 8 startups is made up of companies hailing from the northeast, as well as North Carolina, Florida and California, and represent the industries of HRTech, Voice, Consumerization of Healthcare, HealthTech, Robotics and FinTech.
"The competition to be selected for this cohort was fierce - and we are confident that this group of startups are game changers. The momentum at NVP is palpable and we are excited to help these companies put down roots and grow here in Newark," said Tom Wisniewski, Managing Partner at Newark Venture Partners.
The selected companies were chosen from a pool of over 1,800 companies, more than 3 times the number of applicants for past cohorts. Notably, this cohort includes 6 female founders or co-founders, 4 of which are also the company's CEO.
NVP Labs invests an initial $120,000, with an additional $100,000 at the close of the program, and potential investment from NVP's direct investment arm of up to $1 million in subsequent funding rounds. Companies also get space within NVP's coworking offices housed in the same building as Audible and Rutgers Business School, as well as guidance from a robust mentorship and growth team.The fund's corporate partners, Audible (an Amazon Company), Dun & Bradstreet, Horizon Blue Cross Blue Shield, Panasonic Corporation of North America, Prudential Financial, RWJBarnabas, TD Bank through the TD Charitable Foundation, and the New Jersey Economic Development Authority also regularly interact with NVP Labs companies, providing market-based insight, technology assistance, and high level networking opportunities.
"Each of the selected startups address an industry pain point that our corporate partners have either identified or confirmed in their own unique markets. With that market validation as a starting point NVP is then able to help our founders execute on their sales and marketing strategy to quickly get to scale," said Dan Borok, Managing Partner at Newark Venture Partners.
"NVP serves as a fantastic catalyst for the growth of Newark as an innovation hub and enables our employees to engage with a premier venture capital firm. They provide us with direct access to a world-class talent pool and allow us to leverage their growing portfolio of enterprise-ready solutions to drive our business goals." said Dele Oladapo, Chief Technology Architect and Innovation Officer, Prudential Financial.
The program aims to guide the companies to achieve in-depth strategic plans and scalable marketing and sales operations. The NVP mission is to help innovative entrepreneurs build distinctive technology companies while catalyzing development of the technology ecosystem in the City of Newark. This is the fifth time NVP has run the accelerator program since its inception in 2014.
"An investment from NVP Labs includes high powered connections, expert support and a community of growth-minded mentors," said Allison Williams, Director of NVP Labs. "This cohort of founders is not only prepared to take these resources and run with them but also poised to be market leaders in the B2B space."
Newark Venture Partners was founded by Don Katz, Audible founder and CEO, to grow Newark as a hub for east coast technology and recast the city as a pioneering innovation zone and ultra-bandwidth tech center. With billions of dollars earmarked for construction projects, affordable housing, new retail development, and 21st century work spaces, Newark's community of entrepreneurs and young talent is growing, as they look to reach New York City's resources without its legendary cost of living and doing business.
About Newark Venture Partners
Newark Venture Partners is a leading early stage venture capital firm with a Limited Partner base that includes top corporate investors Audible (an Amazon Company), Dun & Bradstreet, Horizon Blue Cross Blue Shield, Panasonic Corporation of North America, Prudential Financial, RWJBarnabas, TD Bank, and the New Jersey Economic Development Authority. We help innovative entrepreneurs build distinctive business focused technology companies while catalyzing development of the ecosystem in the City of Newark. Newark Venture Partners includes a direct investment arm, investing up to $1 million in Seed and Series A companies, and our bridge-to-seed accelerator arm, NVP Labs, which invests in up to 10 companies twice a year. For more information visit Newark.VC.
Read the full press release here.