Innovate NY Raises over $45M

Since Governor Andrew Cuomo first applied for funding through the State Small Business Credit Initiative, Innovate NY has raised $45.3 million to fund seed-stage startups. The capital has been disbursed in $4 million to $5 million increments to six New York-based outfits that back startups, one of which being Canrock Ventures.

In exchange for funding dollars, recipients agreed to secure at least a two-to-one match from private sources; recipients als agreed not to allocate more than $500,000 for any one company.

According to PEHUB, this deployment of funds could be evidence of the fact that federal officials are feeling encouraged about how the initiative is going so far!

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