NJ CoVest Fund

Overview

The NJ CoVest Fund is a New Jersey-based venture capital fund that provides seed funding to early-stage technology and life sciences companies within the state. The fund offers investments ranging from $100,000 to $250,000 in the form of convertible notes with warrants, aiming to bridge the funding gap between product development and commercialization. This initiative aligns with the New Jersey Economic Development Authority's (NJEDA) strategy to bolster the state's entrepreneurial ecosystem and stimulate business growth. Targeting early-stage companies structured as C-Corporations or LLCs with unit structures, the NJ CoVest Fund focuses on businesses that are capital-efficient, scalable, and possess proprietary intellectual property. Eligible companies must be located in New Jersey and have a minimum of two full-time founders who have made financial investments in the company. The fund requires a matching investment from external investors, with a minimum ratio of $1 from NJ CoVest Fund to $2 from qualified outside investment. Since its inception, the NJ CoVest Fund has supported several companies, including Reflik, Inc., a talent crowdsourcing platform, and InquisitHealth, a health technology company specializing in peer-to-peer mentorship for chronic disease management. These investments demonstrate the fund's commitment to fostering innovation and economic development within New Jersey's technology and life sciences sectors.

Investment Focus

• Early-stage technology or life sciences company
• Located in New Jersey
• Structured as a C-Corporation or LLC with Unit Structure
• Minimum of two full-time founders with financial investment in the company
• Matching investment from external investors required

Portfolio Companies