October 12, 2023
4 minute reading
First complete investment cycle under a new state program Benefits Newark HR Gaming Platform Provider
TRENTON, New Jersey (October 12, 2023) โ The New Jersey Economic Development Authority (NJEDA) The board of directors today approved the first investment in a New Jersey startup in the New Jersey Evergreen Innovation Fund (NJIEF). Investing in the Newark-based company 1Huddle, Inc. is the result of the approval of an application submitted by Emerging Fund Management LLC for an initial Qualified Investment amount of up to $500,000.
"The NJIEF is unique to New Jersey because of its self-sustaining model, designed to create a continuous cycle of investment and mentorship." said New Jersey Governor Phil Murphy. "The achievement of this first investment cycle is something to celebrate, as it validates the program's ability to fuel the next generation of innovative New Jersey companies."
The NJIEF, launched in 2022, is an innovative tool to increase access to strategic resources and venture capital in New Jersey. Under the NJIEF, the State acts as a capital investor in emerging companies, deploying up to $600 million in companies together with professional venture capital groups. The Evergreen Fund currently has $46 million available and is expected to use it to fund initial investments in six to ten high-growth companies in New Jersey. The NJEDA expects to hold another tax credit auction in 2024 to raise additional capital for future investments.
"The approval of today's inaugural investment under the NJIEF is a milestone for the program and for the state's innovation economy," he said. Tim Sullivan, CEO of NJEDA. โThe NJIEF is the embodiment of Governor Phil Murphy's commitment to New Jersey's next generation of innovators so they can become the job creators of tomorrow. The program accomplishes all of this by engaging the stateโs iconic industry leaders in a way that catalyzes investment and fosters knowledge sharing, mentorship and networking opportunities.โ
"This initial investment in 1Huddle is an exciting day for our state and will provide a window into how this new partnership program will advance New Jersey's leadership role in growing the businesses of the future," he said. New Jersey State Senator Andrew Zwicker. โNew Jersey has long been the birthplace of inventions that changed our world, from Thomas Edison and the development of the light bulb to Beatrice Hicks and the creation of a switch critical to landing astronauts on the moon. I look forward to seeing the next step for 1Huddle and future ventures approved under the Innovation Evergreen Fund.โ
1Huddle is a future of work platform that uses fast-paced mobile games to more effectively onboard, upskill, and energize workers. The company previously received support from the New Jersey Commission on Science, Innovation and Technology Small Business Innovation Research Matching Grant Program. 1Hudlle also received prior funding from New Jersey-based Newark Venture Partners. As part of this funding round from Emerging Fund Management, more fresh capital is coming to the state alongside partners at Newark Venture. The gaming company is a great example of capitalizing on the support available for emerging innovation companies in New Jersey.
โWe are honored and excited to receive the first investment from the New Jersey Innovation Evergreen Fund. The program is proof of the State's commitment to promoting innovation and supporting startups that generate a real impact.โ said 1Huddle Founder and CEO Sam Caucci.. โThis investment will allow 1Huddle to continue accelerating our growth path: strengthening our workforce, advancing our technology and elevating workers around the world. And we are proud to do it all here in New Jersey.โ
EMERGING Fund is one of 10 Qualified Venture Firms (QVFs) approved to date to access up to $12.5 million annually per NJIEF investor to co-invest in innovative, high-growth companies based in New Jersey. It is one of the first growth equity funds to focus on the intersection between restaurant technology and space (โResTechโ) and restaurant and entertainment concepts. Emerging Fund provides capital, strategic support and industry expertise to innovative companies within the sector.
โWe are excited to see 1huddle as the first investment approved by the NJDEA.โ said Mathew Focht, General Partner, EMERGING Fund. โThis investment will support EMERGING and 1Huddle as we deliver solutions to improve restaurant workforce training effectiveness and empower the hospitality worker.โ
โThe approval of the EMERGING Fundโs investment in 1Huddle affirms that the NJIEF is doing what it was designed to do: create a sustainable investment cycle that capitalizes on the strengths of mature, successful New Jersey companies to cultivate the next crop of innovations.โ and innovative industries. leading companies,โ he said Kathleen Coviello, NJEDA Director of Economic Transformation. โThe NJIEF is helping us achieve that vision and we look forward to seeing many more New Jersey startups benefit.โ
Applications can be found for venture firms seeking to qualify as QVF here and are accepted on an ongoing basis. The ten companies approved to date represent diversity in terms of investment strategy, industry and stage. In addition, there continues to be strong momentum from interested managers. The list of the ten currently approved managers can be found. here.
Applications Approved QVFs are also available to apply for qualified investments in innovative, high-growth companies based in New Jersey. Total unallocated capital available for new investments amounts to more than $46 million.
About the NJEDA
The New Jersey Economic Development Authority (NJEDA) serves as the state's primary agency for driving economic growth. NJEDA is committed to making New Jersey a national model for inclusive and sustainable economic development by focusing on key strategies to help build strong, vibrant communities, create good jobs for New Jersey residents, and provide pathways to a stronger, more economical economy. fair Through partnerships with a broad range of stakeholders, NJEDA creates and implements initiatives to improve economic vitality and quality of life in the state and strengthen New Jersey's long-term economic competitiveness.
For more information about NJEDA resources for businesses, call NJEDA Customer Service at 844-965-1125 or visit https://www.njeda.gov and follow @NewJerseyEDA on Facebook, Twitter, instagramand LinkedIn.
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