EDA board approves $1.5M investment by Evergreen Fund into Morristown-based TripWorks

The board of the New Jersey Economic Development Authority announced Wednesday it has approved a $1.5 million investment from the New Jersey Innovation Evergreen Fund into TripWorks, an emerging New Jersey-based company.

The approval comes from an application submitted by Tech Council Ventures.

EDA CEO Tim Sullivan said the investment represents the vision of the Evergreen Fund, which was launched in 2022 — giving the state a groundbreaking tool to increase access to strategic resources and venture capital.

“Under Gov. Phil Murphy’s leadership, New Jersey has been committed to supporting the next generation of innovators and entrepreneurs, who will become the business leaders and job creators of tomorrow,” he said. “This unique program creates a self-sustaining cycle of investment, which allows for industry leaders to constantly improve, network and grow. Today’s approval is another great step in bolstering our state’s innovation economy.”

Under the NJIEF, the state acts as an equity investor in startups, deploying up to $600 million into companies alongside professional venture capital groups.

Sullivan said more investments are coming.

“The Evergreen Fund currently has over $40 million available and is expected to use this to fund initial investments into six to 10 high-growth businesses in New Jersey,” he said. “The NJEDA is planning for another tax credit auction in 2025 to raise additional capital for further investment.”

Kathleen Coviello, the chief economic transformation officer at the EDA, said Morristown-based TripWorks was an ideal candidate.

“TripWorks Inc. provides an easy-to-use, enterprise-grade software platform that provides booking, reservation and payment systems to tour and activity operators such as zoos, museums, boat operators, escape rooms and other types of ticketed attractions,” she said. “By utilizing a capital-efficient and reliable approach, TripWorks supports hundreds of tour and activity operators in over 16 countries worldwide.”

Tech Council Ventures is one of the 13 Qualified Venture Firms approved to date to access up to $12.5 million annually from the NJIEF to co-invest in innovative, high-growth New Jersey-based businesses.

The connection is important, Coviello said.

“The endorsement of Tech Council Ventures’ funding for TripWorks underscores the NJIEF’s success in fulfilling its mission: to foster an environment conducive to investment in New Jersey’s high-caliber companies and innovators,” she said. “It’s a testament to our commitment to nurturing revolutionary innovations and pioneering enterprises.

“The NJIEF is instrumental in realizing this goal, and we anticipate it will propel numerous emerging businesses in New Jersey toward prosperity.”

Founded in 2000, Tech Council Ventures is a leader in investing and supporting innovative, New Jersey-based entrepreneurs and companies. The firm serves on the EDA’s technology advisory board, has participated in New Jersey Founders and Funders events, and has utilized the Angel Investor Tax Credit program.