Launch NY, a Buffalo-based nonprofit that provides pro bono mentoring and "proof-of-concept" funding to startup businesses in the twenty-seven westernmost counties of New York State, has announced a $4.5 million grant from the Ralph C. Wilson, Jr., Foundation.
Building on the foundation's previous support, the grant will be used to scale the organization's financing activities, including a seed fund that since 2016 has invested more than $1.6 million in thirty-five startups. With requests for funding of more than $47 million, Launch NY has worked with over a hundred and twenty investors to raise an additional $20 million in support of entrepreneurs and young companies in the region.
"Launch NY plays a critical role in the network of support available for entrepreneurs in western New York, providing both seed stage capital and mentorship to high-growth entrepreneurs," said Lavea Brachman, vice president of programs at the Wilson Foundation. "Our goal with this grant, and the other grants we'll continue to make in the entrepreneurial area, is to spur inclusive economic growth across the region."