The State Small Business Credit Initiative (SSBCI) is providing $30 million for the Pre-seed and Seed Matching Fund Program (“Program”) to support high growth start-up companies at the earliest stages of their growth and development.

NY Ventures, the state’s venture capital arm for innovative, expanding businesses, supports early-stage technology and start-up companies through the Pre-Seed and Seed Matching Fund Program (NYVPSSF). The Program offers early-stage businesses equity investments from $50,000 up to $250,000 with matching from the private sector (there must be at least $1 of qualified private sector investment for every $1 NY Ventures invests). In addition to financial support, Empire State Development offers the tools and key introductions needed to help companies reach the next level. This program is administered via a competitive application process and applicant selection takes into consideration multiple factors to assess a company's likelihood to become venture scalable in a manner that aligns with program priorities. NY Ventures invests in diverse teams that are using technology to solve important challenges in areas of strategic interest across the state. Through the Pre-Seed and Seed Matching Fund Program, we are focused on expanding access to venture capital across New York State, particularly for underserved geographies and socially and economically disadvantaged individuals.

• Pre-seed or seed-stage companies in a range of industries, with a particular focus across all technology markets. An example of some of our focus areas, include:   
  • Advanced Manufacturing 
  • Agricultural Tech 
  • Climate and Energy Tech 
  • Consumer Tech
  • Data/SaaS/AI
  • Deep Tech
  • FinTech  
  • Healthcare  
  • Life Sciences and BioTech 
  • Medical Devices
  • Note: this is not an exhaustive list of industries we support.
• Company has raised $2M or less of dilutive funding prior to current round
• Focus on expanding access to venture capital across New York State, particularly for underserved geographies and historically marginalized individuals and companies 
• Preference for companies structured as a C-Corporation to align with investment yield and growth potential objectives 
• Company agrees to create economic impact in NYS by having its headquarters and at least one C-suite employee in NYS  
• Company must be registered to do business in New York and in good standing
• Company must raise matching funds from qualified private sector investors; investors who provide private sector match can be part of an investment entity (venture capital fund, angel fund, family office, investment partnership, or LLC), an individual member of an organized investment group who is an accredited investor and qualified purchaser, or an individual that can otherwise establish credibility as an accredited investor
• Private capital raised within the same funding round as the SSBCI funding may be counted toward the 1:1 financing ratio if the financing transaction occurs no earlier than 90 days before the SSBCI investment (as specified by a term sheet or similar agreement)
• Investment can be in form of convertible debt, SAFE or equity financing and must be on same terms as private capital that NYS is matching

Please click here to access the application.  

As part of the application, applicants will need to fill out a Sources and Uses document. Please click here to download the template. 

NY Ventures has provided a $1M grant to LaunchNY for hands-on support to early-stage startups across New York State with legal, accounting, and financial services. For applicants who could benefit from these services in preparing your application, please apply for technical assistance services at launchny.org/ssbci-ta. 

Specifically, these services include:

• Legal Services: Business formation filings, contract development, employee agreements, ownership transfers, and equity fundraising transactions
• Accounting Support: Financial software implementation, pro formas, bookkeeping practices, and investor presentations
• Financial Advisory: Fundraising strategy, banking relationship development, small business program applications, and financial modeling

If you are just looking to ask a few clarifying questions about the Pre-Seed and Seed Fund, and the application process, you can attend weekly office hours. Registration for office hours can be found in the “Contact” section below.

Click here to view frequently asked questions about the Pre-Seed and Seed Matching Fund Program.

Investments through the Pre-Seed and Seed Fund

For information about the program, contact: [email protected]

Or register for our Weekly Office Hours on Mondays.