Newark Getting $50 Million Venture Fund, Tech Accelerator


Don Katz and Newark Mayor Ras Baraka | Courtesy TedxNavasink, Esther Surden
 
Announced today at a 1 PM press conference:
  • Newark is getting a new $50 Million social impact venture fund run by Newark Venture Partners (NVP).
  • This will be the first fund of its kind in the New York metropolitan area.
  • NVP will provide tech start-ups with capital, "company-building" services and residence in a 25,000 square foot state-of-the-art facility, featuring ultra-high-speed bandwidth to desktop.
  • The accelerator’s new space is now under construction in One Washington Park, the home of Audible.com. 
  • Rutgers Business School will be providing rent-free access to the technology facility.
  • Newark leaders unveiled Newark’s new Firebolt Wi-Fi, an outdoor, "lightning-fast" free public Wi-Fi network covering a two-linear-mile stretch of downtown Newark.
  • Don Katz, CEO of Audible.com is the Newark Venture Partners Chairman.
  • Running the fund will be  Tom Wisniewski, managing partner.

NJTechWeekly.com will have additional details when they are available.

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