New Jersey and Newark officials were thrilled last fall when HAX, the hard-tech accelerator run by SOSV, one of the most active venture capital firms in the world, announced it was going to make Newark its home.
This week, SOSV announced just where that home will be: 707 Broad St.
HAX and SOSV have signed a 10-year lease on a 35,000-square-foot headquarters that will anchor a program that intends to develop 100 companies in the city over the next five years — an initiative that could bring thousands of jobs and millions of dollars of capital to Newark.
Five companies already have been identified and are working with HAX.
State officials are hoping HAX becomes another anchor for Newark’s growing innovation economy and entrepreneurial startup community. In fact, the state is working with Princeton-based SOSV on the effort.
The New Jersey Economic Development Authority is matching SOSV’s $25 million investment, bringing funding for the project to $50 million. As part of its commitment, SOSV intends to take 100 companies through the HAX program over the next five years, including investing $250,000 in each of these startups.
Read more from ROI-NJ:
- Head of HAX office in Newark: ‘We’re here to get things done’
- Global giant accelerator coming to Newark — bringing commitment to develop 100 hard-tech companies
Additional program benefits include six months of hands-on collaboration, and access to a global founder community for early-stage hard-tech founders. These companies may also receive up to $50 million from SOSV as follow-on financing to support them as they grow.
SOSV and state officials anticipate that companies participating in the HAX program will create at least 2,500 new, high-paying jobs in the decade ahead as well as attract millions in new capital.
Garrett Winther, who will lead the Newark office along with Duncan Turner, told ROI-NJ last fall that HAX is eager to be a leader in innovation space.
“We’re early-stage investors,” he said. “We’d like to show up in places that people aren’t looking. And then, five years later, people say, ‘Oh, yeah, you guys were right.’”