Buffalo, Rochester Business Group to Invest in Upstate NY Startups
Friday, April 15, 2016
Source: Buffalo Business First
Major players from the business communities in Rochester and Buffalo are coming together to form a venture capital fund, dubbed Impact Capital, that will be used to fuel growth at startup companies across Upstate New York.
Impact Capital will be managed by the leaders of three groups, including two from Rochester — venture capital group Excell Partners and accounting firm The Bonadio Group — and a group of prominent Buffalo business executives that have formed under the name Buffalo Capital Partners.
The fund could ultimately range in size from $15 million to $50 million, making it a significant player in the early-stage investment scene in Central and Western New York. The region is rich with universities and research funding but relatively barren of capital aimed at commercializing technology, a premise which has been at the core of Impact Capital pitches to investors. More than $10 million has been raised this far.