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Upstate Capital Weekly Newsletter – 4/13/22

Deals, News & Events for the Upstate Capital Investment Community 


GRASSHOPPER PARTNERS WITH UPSTATE CAPITAL + VENTURE NY

From Noa Simons, Upstate Capital President and CEO:

In my nearly 6 years at Upstate Capital, I have rarely seen someone show up for entrepreneurs in Upstate NY the way Jeremy Shure has in the last couple of years. Together, we’ve been leading small group roundtables at many of our events. Jeremy co-hosts each one, providing an ear to listen and advice when it’s called for. He’s offered to review pitch decks, set up pitch sessions with investors in NY, and more, in addition to providing founder-friendly digital-first banking services. This year, Jeremy has materially impacted our ability to raise an additional $25,000 for the NYBPC, and he invited his friend, Seth Levine, co-founder of the Foundry Group, to come to Upstate NY for our Venture NY event. He’s a special person who cares a lot about giving first in the community, and I’m so glad to have him as my partner in the work we do at Upstate Capital to build community for investors and entrepreneurs.

Meet Jeremy @ Venture NY on April 27!


VC + GROWTH

The WNY Impact Investment Fund raised $11.55 million. Bank of America and M&T Bank Corporation joined as LPs. The firm has driven social impact through investments in local companies, creating opportunities in the ecosystem and impacting outcomes for the region. This funding will continue the ongoing resurgence in Western New York.

This year, a total of $50k in prize money will be awarded at the NYBPC Finals at Venture NY on April 27, including a $15k Grand Prize, cash prizes for 1st, 2nd and 3rd place winners, and a total of $10k in prize money for traditionally underrepresented founders. Upstate Capital thanks SEFCU, the KeyBank healthcare team and the Tech Garden for their leadership in supporting entrepreneurs from all backgrounds this year!

The company has raised more than $40 million in startup funding to this point, driven by investor belief that PostProcess will play a key role in the rise of additive manufacturing. The company is now closing on $4 million in bridge funding from existing investors such as ProcessTec, a group led by Chuck Lannon, and New York Ventures, Empire State Development Corp’s investment arm. Grasshopper Bank, a digital business bank, extended the company a line of credit. PostProcess expects to raise a larger round of funding later this year.

WhoseYourLandlord (WYL) raised an oversubscribed $2.1 million seed funding round led by Black Operator Ventures (Black Ops) with participation from New York Ventures, Ben Franklin Tech Partners and Google’s Black Founders Fund.

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