NJ Evergreen Fund invests $4.65M in five startups

The basics:

• NJEDA awards $4.65M in funding to five New Jersey-based startups via Innovation Evergreen Fund
• Program allows state to co-invest with venture capital firms to support early-stage companies
• Recipients span biotech, cleantech, AI software, retail tech, medical technology sectors
• Fund can deploy up to $600M statewide, with about $78M in capital still unallocated

The New Jersey Economic Development Authority announced March 11 that five New Jersey-based companies received a combined $4.65 million in investment through the New Jersey Innovation Evergreen Fund. NJIEF is a public-private venture capital program designed to support high-growth startups and strengthen the state’s innovation economy.

As NJBIZ has reported, the NJIEF allows the state to co-invest alongside venture capital firms in early-stage companies. It seeks to help startups access funding while encouraging private investment in New Jersey.

The initiative has the capacity to deploy up to $600 million into emerging companies across the state.

“The New Jersey Innovation Evergreen Fund is a cutting-edge initiative designed to strengthen the state’s economy by leveraging both public and private capital to support high-growth startups and entrepreneurs,” said NJEDA Chief Executive Officer Evan Weiss. “Gov. [Mikie] Sherrill and the NJEDA have been laser-focused on bolstering the innovation economy, creating jobs, and supporting the next generation of transformative companies, helping reinforce New Jersey’s standing as a global center for technological discovery and innovation.”

Expanding resources

Currently, the program includes 29 approved venture capital firms seeking opportunities to invest in New Jersey businesses. The fund still has about $78 million in unallocated capital.

Additional resources are also expected following a recent $85 million tax credit auction designed to generate more investment capital in early 2026.

State officials say the program aims to drive job creation, accelerate innovation, and strengthen New Jersey’s position as a hub for technology and life sciences companies. Companies receiving investment also benefit from connections to VC partners as well as strategic support tied to the program’s tax credit investors, such as mentorship, university partnerships and ecosystem-building initiatives.

Companies receiving NJ Innovation Evergreen Fund investments include:

Antigenix Therapeutics, Princeton – $1 million

A biopharmaceutical company developing monoclonal antibody-based therapies targeting cancers and autoimmune diseases. Its lead candidate focuses on treating aggressive cancers, such as triple-negative breast, ovarian, prostate and colon. Pier 70 Ventures submitted the investment, marking that firm’s first investment in a New Jersey company.

PolyGone Systems Kearny – $400,000

A cleantech startup tackling microplastic pollution in water systems. Founded as a spinout from Princeton University, the company created the Artificial Root Filter. The technology mimics aquatic plant roots and can remove up to 98% of microplastics from water treatment systems. New Jersey-based early-stage venture capital firm Tech Council Ventures submitted the investment.

TranscendAP Hamilton – $1.25 million total

A software company specializing in AI-powered accounts payable automation for enterprises. The platform integrates with major systems such as Oracle and Microsoft and helps companies reduce invoice processing costs as well as detect fraud. The company received two Evergreen Fund investments: $750,000 via Rittenhouse Ventures and $500,000 via Tech Council Ventures.

Lula Commerce Voorhees – $1 million

A digital platform that helps convenience stores manage delivery and digital operations, integrating third-party delivery services and inventory systems. Founded during the COVID-19 pandemic, the company now supports thousands of retail locations across 44 states. The investment was submitted by UP.Partners.

Synchrony Medical Jersey City – $1 million

A medical technology company developing treatments for chronic lung disease, including the U.S. Food and Drug Administration-cleared LibAirty airway clearance device designed for home use. Headquartered in Israel with U.S. offices in Jersey City, the investment – submitted by Edge Medical Ventures – marks the first NJIEF investment in an Israeli-American company.

“Investments through the NJIEF underscore New Jersey’s commitment to supporting innovation businesses and entrepreneurs,” said NJEDA Chief Economic Transformation Officer Kathleen Coviello. “By delivering a robust roster of venture capital firms to cutting-edge startups, the NJIEF will continue to drive job creation and economic development across the state.”

More information on the NJIEF is available here.