Newark Venture Partners, the recently launched venture capital firm, announced a first close of $23M on the way to a $50M fund. Founded by Audible founder and CEO Don Katz, Newark Venture Partners’ anchor limited partners include Audible as well as Dun & Bradstreet and Prudential Financial, along with noted individual investors. In conjunction with the fund closing, Newark Venture Partners also announced the launch of its accelerator program, Newark Venture Partners Labs, backed by the firm’s fund, which is now accepting applications from innovative founders and companies located around world.
Newark Venture Partners’ forthcoming investments in leading seed and Series A-stage companies will focus on innovative tech start-ups—from the NYC tech ecosystem and globally– that will benefit from the firm’s key distinctions, including moving into a brand-new, 25,000 sq. ft. co-working space located in the same building as Audible’s global headquarters in Newark. The office features state-of-the-art workspace design, ultra-high bandwidth WiFi access and 10 gigabit-plus fiber-to-the-desktop — 200x faster than a standard business class connection.
Distinctive company-building services include access to the firm’s corporate partners for hands-on portfolio company support, and the provision of executives and advanced technologists who will provide mentorship. Resident portfolio companies will have unparalleled access to Audible system engineers and architects, data scientists, technologists and business experts located in the same building as Newark Venture Partners Labs, as well as graduate-level engineering and business associates from the greater Newark vicinity.
The new accelerator, Newark Venture Partners Labs, is now accepting applications to its inaugural accelerator class, which will begin business in September 2016. Newark Venture Partners Labs will fund accelerator participants with $80,000 per company, as well as invest in all graduating companies that complete a qualified financing, up to $1 million in follow-on investment.
In addition to the fund’s first close and the accelerator now accepting applications, Newark Venture Partners is also announcing its first investment in StrongArm, Inc., a next-generation human performance equipment company.
“Newark Venture Partners is specifically designed to connect Newark to the east coast technology ecosystem and is key to recasting Newark as a pioneering innovation zone and ultra-bandwidth tech center,” said Katz. “Its dual purpose has truly historic import: it is a sophisticated de-risking funnel with considerable financial upside, and is a principal catalyst connecting the urban core to the early-stage growth economy.”
Katz added, “As an extension of Audible’s commitment to Newark’s continued turnaround, our domain experts across business and technology look forward to being ‘on call’ for Newark Venture Partners founders and companies.”
Newark Venture Partners is led by Managing Partners, Tom Wisniewski, formerly of RosePaul Investments, and Dan Borok, formerly of Millennium Technology Value Partners. “Newark Venture Partners is ready to provide our world-class resources to our first fund investments and the companies in our Newark Venture Partner Labs accelerator,” stated Wisniewski. “We’re excited to announce our inaugural investment, and to further build out our portfolio in Newark with high-octane entrepreneurs who will drive truly transformative impact.”
Technology-based start-ups from around the world are invited to apply for acceptance to the accelerator by going to www.newarkventurepartners.com/labs .
