The EDA Board also approved a $2 million limited partnership investment in in Edison Partners IX (EIX), which was formed in 2018 to support growth-stage, software and technology-enabled companies with revenues between $5 and $25 million and typical employment of 40-50 personnel at the time of initial investment.
The Edison family of funds has a long-standing history of combining strong fund performance with significant job creation in New Jersey. Through its previous eight funds, 45 investments have been made in New Jersey-based companies totaling more than $200 million and resulting in the creation of over 3,400 jobs. The EDA has invested in five of the previous funds. New Jersey companies that have received investments include:
- Gain Capital, a FinTech firm in Bedminster that employs over 200;
- Enterprise solution provider Redvision, which employs more than 500 in Parsippany; and,
- Billtrust, a FinTech company in Hamilton with over 450 employees.
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