EDISON INNOVATION FUND INVESTMENT ASSISTS WEEHAWKEN SOFTWARE AND SERVICES PROVIDER
TRENTON, N.J. (April 24, 2007) – The New Jersey Economic Development Authority (EDA) has finalized a $750,000 investment through the Edison Innovation Fund to assist in the expansion of ClassLink, Inc., a software and services provider for the kindergarten to 12th grade education market. The Edison Innovation Fund, a key element of Governor Corzine’s Economic Growth Strategy, was created to support technology and life science companies throughout their discovery, development and commercialization stages.
“Having a company like Classlink choose to invest and grow in New Jersey is great news for the state,” said EDA Chief Executive Officer Caren S. Franzini. “Not only does this project spur investment and create new, high-quality jobs, it serves the community of Weehawken and plays a key role in the growing vibrancy of the entire area.”
The EDA is responsible for managing the $150-million Edison Innovation Fund, which increases access to early-stage capital and provides specialized assistance to existing mid-sized and large technology and life science businesses. It provides investments of up to $200,000 for companies that do not have a fully developed product or technology, and up to $1 million to assist emerging companies in commercializing their products.
Classlink, Inc., founded in 1998, offers students and teachers the ability to interact and access educational software and technology resources. Additionally, its products can provide school administrators with a measure of the learning return on their software purchases. The $750,000 investment from the EDA was made for five years at a fixed interest rate of 6 percent, with interest-only payments due after the first six months. As a result, ClassLink, Inc. estimates that 23 new jobs will be created in New Jersey within two years.
“The EDA has always been there for us,” said Berj Akian, CEO of ClassLink, Inc. “They have done an excellent job and we know we can count on them to support our growth and commitment to improving technology access in education.”
The EDA is an independent, self-sustaining state financing and development agency that works to promote economic growth, job creation and the revitalization of New Jersey’s communities with financing assistance, technical support and entrepreneurial training, and real estate development activities. For more information on the Edison Innovation Fund, visit www.state.nj.us/njbusiness.