Small Business Finance News
New York City Entrepreneurial Fund Names Its First Small Business Investment
Written by Jenna Weiner
Published: 5/29/2010
An entrepreneurial fund created by New York City and FirstMark Capital will invest in the startup company My City Way.
The office of New York City Mayor Michael Bloomberg has announced the first investment of the NYC Entrepreneurial fund, a $22-million initiative created by the city and managed by FirstMark Capital.
The recent creation of the fund was big news for entrepreneurs at My City Way, the mobile applications provider that will be the fund's first seeded company. In February, the firm's NYCWay application was one of the winners at the NYC BigApps competition.
Mayor Bloomberg commented on the positive effect the entrepreneurial fund is having on small businesses. "To spur entrepreneurship in New York City, we're already providing start-ups with specialized training, physical space and tax breaks, and now we're adding capital investments to go along with it," he said.
The mayor also predicted that the city's anchor contribution of $3 million would solicit approximately $9 million from the private sector, and pointed out that FirstMark Capital has contributed more than double that amount.
Last month, the mayor announced a new initiative to improve New York's relations with small businesses. A report from NY1 News said that more than a dozen new measures were unveiled to make it easier for small businesses to comply with city regulations.
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