The New Jersey Economic Development Authority (NJEDA) recently closed on investments for five cutting-edge businesses through the New Jersey Innovation Evergreen Fund (NJIEF).
The companies, located in Mercer, Camden and Hudson Counties, received investments through the approvals of applications submitted by qualified venture funds for a combined $4.65 million.
NJIEF is a unique tool to increase access to strategic resources and venture capital in New Jersey. Under the NJIEF, the state is an equity investor in early-stage companies, deploying up to $600 million into companies alongside professional venture capital firms.
The Evergreen Fund currently has approximately $78 million in unallocated capital and is expected to use it to fund initial investments in additional high-growth businesses in the state. The NJEDA recently auctioned $85 million in tax credits to raise additional capital, which will be available for investment in early 2026.
“The New Jersey Innovation Evergreen Fund is a cutting-edge initiative designed to strengthen the state’s economy by leveraging both public and private capital to support high-growth startups and entrepreneurs,” said NJEDA CEO Evan S. Weiss.
“Governor Sherrill and the NJEDA have been laser-focused on bolstering the innovation economy, creating jobs and supporting the next generation of transformative companies, helping reinforce New Jersey’s standing as a global center for technological discovery and innovation.”
The NJIEF platform currently includes 29 approved venture capital firms actively seeking investment opportunities in New Jersey-based companies.
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 (QVFs), are made in tandem with commitments to provide strategic support to strengthen the state’s innovation ecosystem.
Commitments include financial support for university partners, nonprofits, and Strategic Innovation Centers for innovation-related programming in New Jersey, mentoring, educational opportunities, and more, and are a scored component of the tax credit purchasers’ bids.
The following companies received investment funding through the NJIEF:
- Antigenix Therapeutics, Inc. – Princeton
- PolyGone Systems – Kearny
- TranscendAP – Hamilton
- Lula, Inc. – Voorhees
- Synchrony Medical – Jersey City
Applications for venture firms seeking to qualify as a QVF can be found here and are being accepted on a rolling basis. The firms approved to date represent diversity in terms of investment strategy, industry and stage.
Applications are also available for approved QVFs to apply for qualified investments into high-growth, innovative businesses based in New Jersey.
The total capital available for new investments stands at approximately $60 million, and the NJEDA recently auctioned $85 million in tax credits to raise additional capital for further investment.
