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Unallocated Capital Available: $37,219,131*

*Unallocated capital is available for initial and follow-on investment, management fees and organizational expenses and ecosystem system building support as clarified in program regulations. This is to be updated on a quarterly basis per regulations and is current as of 05/15/2024.


Innovation can occur anywhere, but it may have the greatest chance of success when born and fostered with the collaboration of interested partners. Entrepreneurship is a primary contributor to job creation and sustainable economic growth. New businesses can create disruptive products and services that launch new markets and spur employment in high-wage industries. While innovation is frequently associated with early-stage enterprises, few such businesses have the depth of resources of more established corporations necessary to turn their innovative ideas into realized solutions. Proximity and access to funding are key value drivers for the development of an entrepreneurial ecosystem. Venture capital can serve a critical function to help commercialize, test and scale research and ideas to truly transform the economy and, to attract and retain budding entrepreneurs. The Evergreen Program directly addresses our state’s competitive position in venture capital funding nationally and aims to create the conditions necessary for our entrepreneurs to succeed.

The Evergreen Program forms a platform that partners with the private sector to raise and invest capital in qualified New Jersey-based companies. The Evergreen Program will secure funding and strategic support from the sale of state corporate tax credits in a competitive auction, then partner with private venture capital firms to co-invest the funds in eligible early-stage businesses in New Jersey. This application of known economic development tools form a novel mechanism intended to create alignment among the resources of New Jersey’s established corporate citizens with professional venture capital investment firms and early-stage businesses in New Jersey.


Tax Credit Purchasers:

Qualified Venture Firms:

Qualified Investments:


PROGRAM COMPONENTS

Please click below to learn more about the Evergreen Corporate Auction, or the Evergreen Investment Fund

Corporate Tax Credit Auction
Investment

Venture Capital Connections

The NJEDA is positioned as a channel to connect diverse, innovative NJ-based entrepreneurs to participating venture program platform investors. If you would like to share your non-confidential executive summary or presentation deck with venture capital managers listed, please review the firms for mutual fit and email Investments@njeda.com with direction to which firms you would like to share your brief materials. Check back often, as the NJEDA works to regularly onboard venture capital managers. Ensure your contact information is provided in the attachment to enable firms to contact you directly if interested. The NJEDA is not responsible for the views or follow-up action of the venture capital firms listed. Please limit attachment sizes to ensure email delivery.

The list below is inclusive of firm participating in both our New Jersey Innovation Evergreen and our Venture Fund Investments Programs. Please reference the following key to delineate each firm’s participation between the two programs:

+: Venture Fund Program Partner

*: Qualified Venture Firm

FOCUS/INDUSTRIES

Life Science, Tech/AI Sustainability

TARGET INVESTMENT SIZE

$1-5M

STAGE

Early to Later Stage

FOCUS/INDUSTRIES

Deep Tech companies addressing climate change, labor shortages, rising healthcare costs

TARGET INVESTMENT SIZE

$3-5M

STAGE

Early-Stage

FOCUS/INDUSTRIES

FintTech, Healthcare IT, Enterprise Software

TARGET INVESTMENT SIZE

$10-40M

STAGE

Growth Equity

FOCUS/INDUSTRIES

ResTech, restaurant and entertainment concepts

TARGET INVESTMENT SIZE

$500K-$5M

STAGE

Growth Equity

FOCUS/INDUSTRIES

B2B FinTech Software

TARGET INVESTMENT SIZE

$250K-$50M+

STAGE

Full Lifecycle (Pre-Seed/Seed, Early Stage and Growth/Late Stage)

FOCUS/INDUSTRIES

B2B software companies in Supply Chain, HealthTech, Soundscape, Fintech

TARGET INVESTMENT SIZE

Up to $3M

STAGE

Early-Stage

FOCUS/INDUSTRIES

Healthcare, Pharma IT, Financial Services, HR & general business services

TARGET INVESTMENT SIZE

$1M

STAGE

Emerging Growth

FOCUS/INDUSTRIES

Pharmaceuticals, diagnostics, medical devices

TARGET INVESTMENT SIZE

$10-25M

STAGE

Growth Equity

FOCUS/INDUSTRIES

General technology, including software, energy, healthcare, advance materials, education, Fintech

TARGET INVESTMENT SIZE

$500K-$3M

STAGE

Early-Stage

FOCUS/INDUSTRIES

Latinx founders in Sustainability, Health & Wellness, Future of Work, Fintech

TARGET INVESTMENT SIZE

$500K-$2M

STAGE

Seed or Series A  

FOCUS/INDUSTRIES

B2B software, data, and technology enabled services companies with a focus on future of work and future of education

TARGET INVESTMENT SIZE

$2M-$5M

STAGE

Seed or Series A

FOCUS/INDUSTRIES

Enterprise Software, AI / Automation, Sustainability, FinTech

TARGET INVESTMENT SIZE

$500k-$1.5M

STAGE

Seed to Series B

FOCUS/INDUSTRIES

Health-tech, Consumer Health, Bio-tech, Food Innovation

TARGET INVESTMENT SIZE

$500k-$2.5M

STAGE

Incubation and Early-stage to Series A

FOCUS/INDUSTRIES

Digital Health and Applied Business Technology

TARGET INVESTMENT SIZE

$750k-$3M

STAGE

Early-stage

FOCUS/INDUSTRIES

Tech-enabled healthcare services and niche clinical providers

TARGET INVESTMENT SIZE

$5M-$20M

STAGE

Growth equity

FOCUS/INDUSTRIES

Minority and women-owned businesses

TARGET INVESTMENT SIZE

$2M-$3M

STAGE

Growth equity

FOCUS/INDUSTRIES

Biotechnology and medical technologies

TARGET INVESTMENT SIZE

$5M-20M

STAGE

Early to late stage

FOCUS/INDUSTRIES

Technologies supporting human and planetary health

TARGET INVESTMENT SIZE

$250,000+

STAGE

Multi-stage


A new law, P.L.2023, c,118 (S3783), modified certain aspects of the New Jersey Innovation Evergreen Program (the Evergreen Program), N.J.S.A. 34:1B-288, et seq. Although the program rules have not yet been updated to reflect the statutory changes, the new law is in effect as of July 20, 2023.

The statutory revisions make the following changes to the Evergreen Program, including, but not limited to:

  • The Authority may increase the minimum amount paid for program tax credits to an amount above 75 percent of the requested dollar amount of tax credits. 
  • Program tax credits may now be applied to New Jersey Insurance Premium Tax liability, in addition to New Jersey Corporation Business Tax liability previously permitted.
  • Qualified Businesses may meet the requirements of maintaining principal business operations in the State by demonstrating any of the following requirements are met: (1) at least 50 percent of the business’s employees  not primarily engaged in retail sales reside in the State; (2) at least 50 percent of the business’s payroll for employees not primarily engaged in retail sales is paid to individuals living in the State; (3) at least 50 percent of the business’s full-time employees not primarily engaged in retail sales are filling a position in the State; or (4) at least 50 percent of the business’s payroll for employees not primarily engaged in retail sales is paid to full-time employees filling a position in the State.

Please be advised: New Jersey State law prohibits most cannabis license and certification holders from receiving or continuing to receive an economic incentive from the NJEDA. If the applicant, or any person who controls the applicant or owns or controls more than one percent of the stock of the applicant, has applied for or received a license or a certification from the New Jersey Cannabis Regulatory Commission (NJ-CRC), the applicant is ineligible for this program and should not proceed with an application. If an application is received from an applicant that meets this criteria, the application will be declined and the application fee will not be refunded. 


Contact US

Curtis lee
Senior Product Officer– Venture Programs
609-610-7993
Curtis.Lee@njeda.gov
Alexander Pachman
Manager – Venture Programs
609-256-3114
Alexander.Pachman@njeda.gov
grace warner
Product Officer– Venture Programs
609-960-7344
Grace.Warner@njeda.gov