Dealflow | May 17, 2017

New Hampshire-backed fund raises commercial capital to support local startups

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New Hampshire’s Business Finance Authority launched a $1.8 million fund to cultivate the state’s startup community.

More than 40 private investors committed capital to Millworks Fund Series II. The authority agreed to match private dollars two-to-one for the next three years. Startups will be eligible for a $300,000-per-year competition for tech startups and a $300,000-per-year accelerator program.

Millworks II follows Millworks I, launched in 2010. Three-quarters of the organizations backed by Millworks I have shown financial growth and follow-on investment.

Similar funds and startup growth initiatives have launched in other states recently, including Texas and Vermont.