NYCEDC Executive Committee Approves Final Three Investments of the $40 Million NYC Catalyst Fund, Generating Investment into NYC Companies in Impact-Oriented, High-Growth Sectors

Since the Launch of the NYC Catalyst Fund in 2023, NYCEDC’s Executive Committee Has Approved Eleven Investments to Impact-Focused Fund Managers

NEW YORK, NY—New York City Economic Development Corporation (NYCEDC) today announced that the NYC Catalyst Fund (NYCCF) has received approval to deploy its full $40 million to eleven fund managers who focus on social and environmental impact as well as high-growth and high-wage sectors, including tech and green economy. This includes NYCCF’s final three selected fund managers, Candide Group, HCAP Partners, and Turning Rock Partners, which NYCEDC’s Executive Committee approved today. The $40 million of capital invested through NYCCF is expected to catalyze over $280M of investment, or seven times NYCEDC’s capital expenditure, into 140 NYC-based companies.

Launched in 2023, the NYCCF is an impact investing program dedicated to making investments that generate positive, measurable social and environmental impact as well as a financial return for NYCEDC. The NYCCF is focused on the following impact areas: inclusive entrepreneurship, community development, and high-wage, high-growth sectors such as life sciences, technology, and the green economy. The NYCCF is also focused on fund managers who are committed to investing and growing their presence in New York City.

“We are thrilled that the NYC Catalyst Fund has received approval to deploy its full $40 million capital to support impact focused fund managers that are making New York City more equitable and strengthening the city’s economy,” said NYCEDC President & CEO Andrew Kimball. “This investment is supporting hundreds of jobs and generating millions of dollars for New York City. NYC Catalyst Fund has demonstrated our ability to be innovative with our investing programs, and we look forward to building on this program’s success in the future.”

Fund managers were selected based on their impressive leadership teams, investment experience, connection to and investment in NYC, and commitment to investing in areas aligned with the core impact goals of the NYCCF. The following eleven funds, have received, or are in the process of receiving, commitments from NYCCF:

• Antler: Antler is a leader in ‘Day Zero’ investing, backing founders at the start of their company-building journey. Antler invests in select technology startups that have completed its in-house residency program. By investing at the earliest stage, Antler also aims to make venture capital more accessible to a broader, more diverse range of founders.
• Avante Capital Partners: Avante is a majority women-owned private credit firm that invests in lower-middle-market businesses, often overlooked by traditional financing sources. Avante primarily lends to small businesses in core sectors such as healthcare, business services, and manufacturing. Avante has also founded several professional networks and internship programs aimed at increasing diversity within the private equity and private credit industries.
• Candide Group (Afterglow Climate Justice Fund): Launched by the Candide Group, the Afterglow Climate Justice Fund supports effective and equitable solutions to the climate crisis by lending to organizations serving communities facing persistent poverty, high energy costs, and disproportionate climate burdens. Investments support green jobs and equitable clean energy solutions. Investments also aim to reduce financing barriers for emerging solar developers who may face difficulties securing debt.
• Harlem Capital: Founded in 2015, Harlem Capital is a venture capital firm based in New York City that invests in companies led by diverse founders. Harlem Capital seeks to change the face of entrepreneurship by investing in 1,000 diverse founders over 20 years. The firm has invested in over 60 companies and 75 diverse founders across its first two funds.
• HCAP Partners: HCAP Partners is a diverse-owned firm that specializes in lending to underserved, lower-middle market companies. The firm has been an Impact Assets 50 fund since 2014. Through its Gainful Jobs Approach™, HCAP works to facilitate a positive impact for the underserved businesses in its portfolio, as well as their employees and their communities.
• Maycomb Capital: Founded in 2017, Maycomb Capital is a women-owned investment firm headquartered in Brooklyn. Maycomb provides flexible, mission-aligned debt to enable government and other entities to realign funding with evidence-based solutions to social challenges. Maycomb’s investments are designed to increase economic opportunities for low-income communities, across the early childhood, workforce development, and health equity impact pillars.
• MetaProp: MetaProp is a New York City-based venture capital firm focused on the real estate technology industry. Founded in 2015, MetaProp’s investment team has invested in 175+ technology companies across the real estate value chain. The firm’s investment activities are complemented by pioneering community leadership, including the PropTech Place innovation hub and MetaProp Accelerator at Columbia University programs.
• nvp capital: Founded in 2016, nvp capital is a diverse-owned, early-stage venture capital firm whose office and full-time staff are based in New York City. nvp capital invests exclusively in early-stage technology startups, with a demonstrated track record of supporting diverse entrepreneurs.
• Open Opportunity Fund: Open Opportunity Fund is a venture capital firm focused on investing in early-stage software companies founded by outstanding diverse founders. Open Opportunity Fund’s portfolio spans enterprise IT, artificial intelligence, fintech, and digital health sectors. Spun out of SoftBank, the firm has invested in 75 Black- and Latino-led tech companies including Atomic, Esusu, QuickNode, Squire, and Zoe.
• Rethink Education: Rethink Education makes early-stage investments in education technology companies. Launched in 2012, Rethink Education supports companies that use disruptive technologies to advance education in major subsectors including workforce development, corporate training, K-12, post-secondary, and continuing education. Rethink has a strong track record of investing in New York City based companies, many of which have partnerships and/or contracts with the NYC Department of Education and CUNY systems. Rethink Education is part of a larger purpose-driven platform, Rethink Capital Partners.
• Turning Rock Partners: Turning Rock is a majority women-owned New York City-based private credit firm that lends to underserved, small businesses. The firm has a track record of investing in small businesses in New York City, which has led to the creation or retention of over 1,600 jobs.

NYCCF partner fund managers have invested in a number of innovative New York City-based companies, including:

• AI companies like Amulet, Doorstep, PensarAI, and Upscale AI, further cementing NYC’s status as the applied AI capital of the world, and as home to 40,000 AI related-skills jobs.
• Climate tech companies like Demex, supporting New York City’s ability to remain resilient for the future. NYC’s green economy workforce is rapidly growing with 400,000 jobs projected by 2040.
• Health tech companies like Zeph, working on medical treatments and technology that will save lives and contribute to NYC’s leadership in innovation.

About NYCEDC
New York City Economic Development Corporation is a mission-driven, nonprofit organization that works for a vibrant, inclusive, and globally competitive economy for all New Yorkers. We take a comprehensive approach, through four main strategies: strengthen confidence in NYC as a great place to do business; grow innovative sectors with a focus on equity; build neighborhoods as places to live, learn, work, and play; and deliver sustainable infrastructure for communities and the city's future economy. To learn more about what we do, visit us on Facebook, X, LinkedIn, and Instagram.