The Many Co., a women-owned tech platform based in Ridgewood, has been approved by the board of the New Jersey Economic Development Authority to receive a $3 million investment from Bullpen Capital.
The investment comes through the N.J. Innovation Evergreen Fund, a transformative program launched in 2022 that serves as a vehicle to increase access to strategic resources and venture capital in New Jersey.
Under the NJIEF, the state acts as an equity investor in early-stage companies, deploying up to $600 million into companies alongside professional venture capital firms. The Evergreen Fund currently has over $37 million available and is expected to use this to fund initial investments into additional high-growth businesses in New Jersey.
Want to be part of NJIEF?
Applications for venture firms seeking to become a Qualified Venture Firm can be found here. They are being accepted on a rolling basis.
The EDA is planning for another tax credit auction in 2025 to raise additional capital for further investment.
EDA CEO Tim Sullivan applauded the approval — and the program.
“The New Jersey Innovation Evergreen Fund is a groundbreaking tool that propels New Jersey’s economy forward by leveraging public and private dollars to invest in high-growth startups and entrepreneurs, providing a self-sustaining cycle of investment for innovators in need of access to capital,” he said.
“Throughout Gov. (Phil) Murphy’s administration, New Jersey continues to further its legacy as a global leader in innovation by making substantial investments in the next generation of pioneering companies that call the Garden State home.”
The Many Co. was founded in 2020 by Carolyn Butler, a graduate of Stevens Institute of Technology, and Rich Amsinger. Brought on by the birth of the founders’ first child and the realization that they had no use for outgrown baby clothes, the Many Co. was conceived to enable direct-to-consumer sustainable brands to accelerate growth and participate in the “circular economy.”
Today, the Many Co. sells refurbished, preowned resale apparel, overstock items and offers returns through hosted web platforms, including through its own website. Originally focused on children’s apparel, the company is now expanding into women’s apparel brand partners.
“Brands face a landscape fraught with logistical challenges and financial losses due to unsold inventory and retail returns,” Butler said. “The Many Co. changes that dynamic by transforming what was once considered a write-off loss into a significant revenue-generating opportunity.
“Our technology handles complex operations at scale, paired with syndication technology that drives sell-through across e-commerce platforms. This makes it easy for brands to unlock the value of physical assets while simultaneously reducing their environmental impact — a win-win for everyone. This investment from NJEDA, along with backing from industry-leading VCs like Bullpen Capital, will enable us to rapidly scale our technology and bring more brands into this new core pillar of retail technology and logistics.”
Kathleen Coviello, the chief economic transformation officer at the EDA, said the approval is another milestone moment.
“The investment approved by our board today adds to the NJIEF’s momentum and exemplifies the state’s commitment to supporting up-and-coming women-owned companies and entrepreneurs,” she said. “By creating a stream of venture capital investment into high-growth startups, the NJIEF will continue to drive job creation and economic growth across the state.”
The Many Co., like all companies approved for investment under the NJIEF, will benefit from the strategic commitments made by NJIEF tax credit purchasers. These purchases, which fund investments made by the Qualified Venture Firms, are made in tandem with commitments to provide strategic support to strengthen the state’s innovation ecosystem. These commitments, which include networking, mentoring and educational opportunities, are a scored component of the tax credit purchasers’ bids.
Bullpen Capital is one of the 14 QVFs approved to date to access up to $12.5 million from the NJIEF to co-invest in innovative, high-growth New Jersey-based businesses.
