Upstate Deals and Doings – December 2019

Upstate Deals and Doings
December 2019

Deals, news and events for the investment community across Upstate New York.


2019 Annual Awards Celebration

Upstate Capital celebrated the 2019 investment ecosystem last week at the Annual Awards Celebration. Congratulations to all the nominees for their successes in the past year. See who won!

Here are some highlights from the most recent deals completed in Upstate New York

  • FabForeDev, a Tappan-based designer of mobile applications created to provide seamless user experiences and true automation, raised $75,000 of angel funding
  • Evoke Healthy Foods, a Rochester-based provider of natural and organic cereals intended to provide healthy food products, raised $490,000 of angel funding
  • Spot & Tango, a Bedford Hills-based producer of pet food products intended to offer human-grade dog food products that focus on the fundamentals of healthy living, raised $1 million of angel funding
  • The Vale Fox Distillery, a Poughkeepsie-based provider of alcoholic beverages, raised $2.95 million of angel funding
  • Dumbstruck, a Schenectady-based provider of a research and analytics platform designed to increase campaign effectiveness, raised an undisclosed amount of angel funding
  • PostProcess Technologies, a Buffalo-based developer of an automated enterprise platform intended to revolutionize the additive manufacturing process, raised $20 million of Series B venture funding in a deal co-led by Grand Oaks Capital and Tom Golisano
  • Dunn Data Company, a Bedford-based provider of marketing intelligence solutions designed to impart specialized consumer marketing capabilities to clients, was acquired by Infutor
  • G.research, a Rye-based provider of institutional research services to the aerospace and defense, automotive aftermarket, food and beverage, gaming and lodging, media, specialty chemicals, telecom, and utility market and subsidiary of Associated Capital Group was acquired by Morgan Group Holding
  • Maker Data Services, a Rochester-based provider of database services, was acquired by American Films
  • Vyve Broadband, a Rye Brook-based provider of broadband telecommunications, acquired by Mega Broadband Investments, via its financial sponsor GTCR

Have a deal you’d like to share? Submit it here!


  • Mid-market and private companies view talent and emerging technologies as the make-or-break factors to stay competitive, according to a new Deloitte Private 2019 Technology Trends report,“Seizing Opportunity.” This year, respondents are placing a higher premium on artificial intelligence to drive business results; significantly more firms are using AI for analysis automation (48% in 2019 versus 30% in 2018).

  • The state of startups in Buffalo: For three years in a row, more than 20 local startups have confirmed growth-oriented financing. For example, More than 400 people work at ACV Auctions’ headquarters at the Thomas R. Beecher Jr. Innovation Center in Buffalo. The company, which was founded in 2014, has grown quickly by raising hundreds of millions in investment.



  • December 19 – Binghamton – Investment Readiness and Sources of Funding – Identify steps early-stage companies should take to prepare for investment and the different types of funding sources they may encounter. Hear from Cliff Olin, the managing director of Olin Capital Advisors, a boutique investment bank based in the Southern Tier, raising capital for early-stage companies and advising merger and acquisition strategy.

  • January 17 – Albany – Power Breakfast: Economic Outlook 2020 – With the upcoming presidential election and ongoing concerns about the economy sliding into recession, 2020 is shaping up to be a year full of uncertainty. The Albany Business Review has assembled a panel with experience forecasting the future to talk about how to plan for this uncertain year and where to find opportunities when the crystal ball is full of clouds.