|NYC funds seed biotech projects, 1/2009||$5M|
The New York City Investment Fund is a private fund with a civic mission. The fund was the vision of Henry R. Kravis, founding partner of Kohlberg Kravis Roberts & Co., who serves as its Founding Chairman. His goal was to mobilize the city’s financial and business leaders to help build a stronger and more diversified local economy. To that end, the Fund has built a network of top experts from the investment and corporate communities who help identify and support New York City’s most promising entrepreneurs in both the for-profit and not-for-profit sectors.
The Fund was established in late 1996, under the auspices of the nonprofit The Partnership for New York City. It was initially capitalized by contributions of $1 million each from sixty-seven individual and corporate investors, who invested for the good of the city and without expectation of financial returns. This is an evergreen fund, in which realized gains are reinvested in other worthwhile projects.
The Fund has raised in excess of $110 million. Its investments typically range in size from $1 million to $5 million. The Fund provides equity or debt, structured to meet the needs of the project. It will invest at any stage of business development, but is seeking to exit in about five years. To date, the Fund has invested in over eighty projects.
|Scratch Music Group||7/2011||Series A||$3.3M||5|
|Orchestria Corporation||5/2005||Series D||$21M||7|
|The FeedRoom||4/2004||Series D||$5M||8|
|The FeedRoom||9/2002||Series C||$5M||9|
|The FeedRoom||8/2000||Series B||$30M||10|