Impact Capital launches second fund to invest up to $15M in startups
Impact Capital has raised millions in its second fund and its ready to invest it into startups. The Rochester-based venture capital firm, which launched in 2018, raised about $21 million in its first fund and invested the money into 11 companies. Invest Capital aims to focus investments on Upstate New York.
The group has secured about $12 million, much of which came from repeat investors from its first fund, in its second fund so far. The firm is filing for a state matching grant that would bring its total to over $15 million, and Invest Capital will continue raising private funds for the next 14 months as well, according to founder Thomas Bonadio, chairman of the Bonadio Group’s board of directors.
“It’s not a shortage of good companies,” he said. “There are more good companies than we have money to fund.”
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Fewer, smaller deals mark Buffalo startups' funding in the first half of 2023
The first half of 2023 has been a slow time for startup funding in Buffalo.
January through June of this year, seven local companies have acknowledged private, growth-oriented rounds of funding. Together, the funding totals about $19.41 million. That’s a stark difference from this time last year, when 19 startups had raised a total of about $140 million.
Monitoring startup funding helps gauge the health and growth of the Buffalo-area technology and startup community, a burgeoning part of the local economy. This sector, like many others, has been affected by underlying economic factors.
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Alex Gress, Life Storage CFO and former 43North president, dies at 50
Alex Gress, the former president of 43North who played a big role in the Buffalo business and entrepreneurial ecosystem, died July 9 while competing in a half Ironman in Canada.
Gress, 50, graduated from Canisius High School in the early 1990s. He started his career at PricewaterhouseCoopers in New York City and later relocated to London, then Toronto to follow a career in the financial sector.
In 2014, he came home. He then held roles at First Niagara Bank and KeyBank and led 43North, a state-funded business competition and startup incubator, from 2018 to 2020. He later became CFO of Hamister Group LLC and most recently was CFO of Life Storage Inc.
“He was incredibly collaborative,” said Bill Maggio, board chair emeritus of 43North. “His approach to business mirrored his approach to life. He’s someone who had a very warm and loving heart.”
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