Fresh on the heels of the launch of Tech:NYC, Jersey is getting in on the action with the unveiling of Newark Venture Partners new incubator, NVP Labs.
Over the next five years, NVP has plans to invest $10 million per year into startups as part of the incubator. Alongside investment, they will provide space in their 25k square foot office with 10GB direct Fiber internet.
NVP is also announcing the close of $23 million of their intended $50 million fund, with investors like Audible (an Amazon company), Prudential and others. With those relationships in place, NVP Labs companies are automatically AWS Activate partners with a high level of access to support.
Managing Partner Tom Wisniewski explained that NVP is setting itself up to not only help these companies start out, with NVP Labs, but also participate in follow-on rounds for up to Series A rounds.
NVP will invest $85k into pre-seed companies and up to $250k into seed stage companies.
Applications are open for the first class now, and that first class will start with NVP Labs in August.
You can check out the website here.