Economic Development

First $2M Approved Under Angel Match Program Supporting Early-Stage Tech Companies

The New Jersey Economic Development Authority (NJEDA) has closed its first four approvals under the Angel Match Program, awarding a total of $2 million to support early-stage technology companies. With a funding pool of $20 million from the federal State Small Business Credit Initiative (SSBCI), the Angel Match Program was launched last year and continues to gain traction in the market.

Under the Angel Match Program, the NJEDA is the first entity to commit capital to a technology company, leading to other investors who provide matching funds. This fuels the growth for the product-based technology company by increasing the pool of available capital. The NJEDA’s investment ranges from $100,000 up to $500,000, as it is matched on one-to-one basis with the company’s corresponding preferred equity round. This early commitment from the NJEDA catalyzes additional financing in these innovative startups. The ultimate goal is to foster an entrepreneurial ecosystem that leads to greater economic growth by providing companies with crucial funding for product development, marketing, research and development, and other working capital needs.

According to NJEDA Chief Executive Officer Tim Sullivan, “The Angel Match Program is unlocking capital for companies and stimulating greater investment into New Jersey’s innovation ecosystem. Through these strategic investments, the Angel Match Program will help companies achieve successful, scalable commercialization of their cutting-edge products and create high-skilled jobs across the state.”

“The Angel Match Program is designed to amplify the growth of New Jersey’s early-stage technology sector,” said NJEDA Chief Economic Transformation Officer Kathleen Coviello. “With an emphasis on matching angel and seed stage investments, the program reinforces the state’s commitment to nurturing an ecosystem conducive to technological advancement and economic diversity.”

The following companies have received up to $500,000 through the Angel Match Program:

AlphaROC, Inc. was founded in 2021 and is the developer of a data science and analytics platform designed to leverage unique data sets to provide artificial intelligence (AI)-based insights to investors. Headquartered in Newark, the company’s platform focuses on providing analytics on a wide variety of unique datasets and constructing a 360-degree view on economic activity.

Princeton Identity Holding Company, Inc. is headquartered in Hamilton Township and is a biometric identity management business that makes security accurate, reliable, and convenient. Using biometric technologies, Princeton Identity enables businesses and global organizations to simplify identity management, resulting in improved safety and protection.

TLA Innovation, Inc. was founded in 2020 and is headquartered in Paramus. The company develops solutions for individuals and businesses in the cybersecurity, privacy, and regulatory industries. Its cybersecurity platform protects against identity-driven attacks and uses advanced biometrics and AI to assure identities and facilitate cleaner, more efficient businesses processes.

vipHomeLink, Inc. is a Digital Home Management solution providing tailored home maintenance reminders, engaging digital content, and expert home recommendations. The company, founded in 2018, is headquartered in Morristown and partners with insurance carriers to provide a white-label, software platform, and proprietary data, to improve customer retention and reduce home insurance losses.

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