On December 11, 2024, the Upstate Capital community came together at the Harro Ballroom in Rochester for an unforgettable evening celebrating the people and companies driving investment, innovation, and growth across New York. The Annual Awards is always a highlight of our calendar, and this year’s event exceeded expectations in every way. From inspiring stories shared on stage to meaningful connections forged over dinner and dessert, it was a night that embodied the spirit, collaboration, and accomplishments of the private capital ecosystem.
A Gathering of Leaders and Innovators
Our dynamic co-hosts, David Brown (Founding Managing Partner at Impellent Ventures and NextGen Venture Partners, and Chairman of the Upstate Capital Board) and Dominic “Dom” Mammarella (Principal at Hamilton Lane and Vice Chair of the Upstate Capital Board), set the tone for the evening. Their warm welcome highlighted the critical role Upstate Capital plays as a nexus for dealmakers, investors, entrepreneurs, and industry leaders. With a year’s worth of achievements to recognize, they reminded us that New York’s private capital landscape is continuously evolving and vibrant, with plenty more to come.
Shining a Light on Our Sponsors and Programs
The event began by acknowledging the generous sponsors whose support makes Upstate Capital’s work possible. Wealth One, Fidelity Investments, FuzeHub, JPMorgan Chase, Launch NY, Western NY Impact Investment Fund, Phillips Lytle, Freed Maxick, and Reitler Kailas & Rosenblatt all play integral roles in fueling our mission. Their backing not only ensures the success of our Annual Awards but also bolsters year-round initiatives like the Private Equity Summit, Venture NY, the New York Business Plan Competition (NYBPC), and the new Invest NY ecosystem data platform.
Through these programs, we connect industry participants with deal flow, mentorship, funding, and professional development resources. This year alone, Upstate Capital served over 1,300 members of the investment community through more than 15 events. We are proud to bring diverse stakeholders together—private equity and venture capital investors, founders, family offices, and service providers—to keep New York’s entrepreneurial landscape thriving.
Stories from Across the Ecosystem
Before presenting the awards, we shared some remarkable stories that captured the depth and breadth of innovation and collaboration happening upstate:
SelectFi (Buffalo, NY): A fast-growing automotive fintech startup that closed a $4.5 million seed round, showcasing the power of strategic investments from firms like StartFast and Launch NY.
Hudson Valley Venture Hub Success: We highlighted Busie, a Kingston-based SaaS company, and Diadem Capital, a fellow Hudson Valley-based startup investor who’s helping Busie accelerate market growth. This local partnership underscores the interconnectivity and mutual support that define our regional ecosystem.
Upstate Biotech Ventures: A new $6 million fund supporting early-stage startups affiliated with Upstate Medical University, thanks to Empire State Development’s and SUNY Research Foundation’s collaborative efforts. Managed by Excell Partners, this fund will help drive research and biotech innovation right here in New York.
Brown and White Ventures: A St. Bonaventure University alumni-led fund that invests in early-stage startups while simultaneously giving back to the university. This innovative model shows how universities can cultivate entrepreneurial success that benefits not only businesses but also their broader communities.
NY Ventures: We also welcomed Josh Nelson, Director of NY Ventures’ Pre-Seed & Seed Fund, to the stage. NY Ventures’ approach—investing in funds like Impellent, Gutter Capital, and AIN Ventures, as well as community-based initiatives through partners like Launch NY and Upstate Biotech Ventures—expands capital availability and cultivates future growth across the state.
Honoring Excellence: 2024 Award Winners
The highlight of the evening was celebrating the exceptional individuals and companies that distinguished themselves this past year:
Private Equity Exit of the Year: Sidco Filter
Recognized for its remarkable transformation and acquisition journey, Sidco Filter’s story stands as a testament to strategic growth, strong leadership, and local economic impact.
Venture Deal of the Year: Ognomy
Led by Dr. Dan Rifkin, Ognomy’s $5 million seed raise and breakthrough growth in patient care underscore the impact of thoughtful investment, health innovation, and community support.
Impact Investment of the Year: Top Seedz
With a $750,000 investment from the Western New York Impact Investment Fund, this women-owned and women-founded company’s soaring revenue, hiring expansion, and new manufacturing facility in Buffalo reflect the positive ripple effects that impact-focused capital can have on communities.
Dealmaker of the Year: Todd Kletter (WP Strategic Holdings)
Celebrated for orchestrating the acquisition and revitalization of Crane Stationery, Todd’s quick thinking, strategic negotiations, and dedication to preserving a storied brand saved jobs and ensured a proud legacy continues to flourish.
Lifetime Achievement Award: Joe Richardson
A champion of entrepreneurship, Joe has spent his career supporting founders through funding and mentorship. His influence is etched into the upstate investment landscape, and this award recognizes his lifelong dedication to helping entrepreneurs succeed.
A Fond Farewell and Bright Future
As the evening drew to a close, we celebrated the significant contributions of Upstate Capital’s President & CEO, Noa Simons, who is stepping down from day-to-day operations to focus on her startup, Good Bread. Noa’s leadership, vision, and energy over the past eight years have been instrumental in building Upstate Capital into a powerhouse resource and community platform for investors and entrepreneurs. We thank Noa for her countless hours of work, her unwavering support of the ecosystem, and the positive culture she helped foster.
Looking Ahead
This year’s Annual Awards underscored one simple truth: Upstate New York is a remarkable place to build businesses, invest in growth, and forge meaningful partnerships. Our honorees, presenters, sponsors, and attendees exemplify the collaborative spirit and forward-looking innovation that make this region thrive.
As we wrap up 2024, we look ahead with excitement and optimism for what’s to come. Thank you to everyone who attended the Annual Awards, supported our events, and contributed to the vitality of the Upstate Capital community. We look forward to seeing you in 2025 as we continue to celebrate the remarkable stories of investment, entrepreneurship, and success throughout New York.