Listen to this articleThe New Jersey Economic Development Authority board approved 10 companies to purchase $85 million in tax credits to support the New Jersey Innovation Evergreen Fund Dec. 19.
It marks the fund’s second tax credit auction since its 2022 launch.
The NJIEF helps increase access to venture capital for early-stage New Jersey companies, with the state acting as an equity investor alongside professional venture capital firms, deploying up to $600 million into high-growth businesses. Currently, about $13.6 million in capital remains available for new investments.
Due to high demand, the originally planned $50 million auction was increased to $85 million.
“Both investors and entrepreneurs have praised the NJIEF as a strong driver for channeling investment into New Jersey startups, and once again business leaders have recognized the Fund’s significant value,” said NJEDA acting Chief Executive Officer Mary Maples. “The Murphy administration has bolstered New Jersey’s innovation economy by engaging with the state’s industry leaders to catalyze investment and foster mentorship and networking opportunities for emerging entrepreneurs.”
The following companies were approved to purchase tax credits through the NJIEF:
- Comcast Corp.: $27.7 million in tax credits for $22.8 million
- Verizon Communications Inc.: $19.5 million in tax credits for $16 million
- The Prudential Insurance Co. of America: $13.6 million in tax credits for $10.9 million
- Metropolitan Life Insurance Co. (MetLife): $7.6 million in tax credits for $6.5 million
- Unilever United States Inc.: $5.4 million in tax credits for $4.3 million
- Haleon US Holdings Inc.: $3.4 million in tax credits for $2.5 million
- Selective Way Insurance Co.: $3 million in tax credits for $2.4 million
- CRB Group Inc. (Cross River Bank): $2.9 million in tax credits for $2.3 million
- OceanFirst Financial Corp.: $1 million in tax credits for $750,000
- CGI Technologies and Solutions Inc.: $930,000 in tax credits for $697,000
Further reading
NJBIZ recently shared more about three startups to benefit from the New Jersey Innovation Evergreen Fund. Read that story here.
Each company will contribute financially, serve on the NJIEF Advisory Board for one year, and commit to strategic initiatives supporting innovation, mentorship, workforce development and shared workspaces across New Jersey, totaling nearly $4.4 million in additional resources.
“The NJIEF provides the Authority with another distinct resource to support start-ups through a holistic approach that extends well beyond financial assistance,” said NJEDA Chief Economic Transformation Officer Kathleen Coviello. “This recent tax credit auction demonstrates the state’s commitment to supporting innovative ventures and we look forward to continuing to invest high-growth startups that will propel economic growth across the state.”
More information on the program can be found here.
