“We encourage emerging and established technology companies in New Jersey to take advantage of the broad array of programs the State offers to support this important industry,” EDA CEO Michele Brown said.
Created in 2011 to enhance support of early stage businesses that have attracted funds through venture capital investors, the Edison Innovation VC Growth Fund helps companies directly finance uses such as hiring key staff, product marketing and sales. Up to $1 million in subordinated convertible debt financing is available for venture capital-supported technology companies with minimum trailing 12 month commercial revenues of $500,000. There is a 1:1 VC match funding requirement.
Among these companies was Bergen County-based Ivy Sports Medicine. According to the EDA Press Release, “Located in Montvale, Ivy Sports Medicine manufactures and markets innovative tissue growth and repair products. The EDA approved the loan through the Edison Innovation VC Growth Fund in July and closed the transaction in late November. The company plans to use the funding for growth capital, and anticipates adding employees to its New Jersey workforce within the coming years.”
For the complete press release, click here.