Governor Cuomo Announces Expansion of Datto, Inc. in Downtown Rochester and Creation of New Venture Capital Fund With Excell Partners
The Governor today also announced the establishment of the Finger Lakes Forward Venture Capital Fund (FLX Fund). The $25 million targeted investment fund will provide early-venture stage capital investments ranging from $500,000 to $1.5 million for startup companies in key high-tech industries such as advanced manufacturing, life and material sciences, optics, photonics & imaging and others. The fund will be managed by Excell Technology Ventures, an offshoot of Excell Partners, and was a priority project identified to help increase access to capital for growing companies in the FLREDC's Finger Lakes Forward Upstate Revitalization Initiative strategic plan.
Excell Partners CEO Theresa Mazzullo said, "The Finger Lakes Forward Venture Capital Fund is yet another example of how Governor Cuomo is making upstate NY more competitive. This Fund will help to close the capital gap by providing funding that will help high tech startups expand and grow. Excell's 12-year track record shows a direct correlation with investment and job creation. The FLX Fund is guaranteed to bring more new jobs to the Finger Lakes Region. We owe a debt of gratitude to the Governor for his ongoing support for innovation in upstate."
To be eligible for an investment from the FLX Fund, a company will be required to be located somewhere within the nine-county Finger Lakes region, and maintain either its headquarters in the area or ensure that at least 75 percent of its employees are working in the region for a period of no less than three years after that initial investment. The targeted investments will require a 2:1 private to public match over the life of the fund, with a minimum 1:1 match for any individual investment. Empire State Development will receive 80 percent of the fund profits or gains from the investment; Excell Technology Ventures will retain 20 percent to be reinvested in the fund.
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