September 26, 2014
Armory Square Ventures, launched in early 2014, is an early stage venture fund based in Upstate New York and New York City that aims to help companies grow and scale.
“The fund’s goal is to provide early stage companies in our portfolio with capital, contacts, mentorship, and connectivity to other venture hubs, including NYC, so they may scale into world class companies that generate top tier returns for our investors,” according to their website.
Armory Square Ventures will consider investment in seed and early stage startups, but are looking to fulfill certain criteria. Here’s what you should know:
- Companies should have a large addressable market at $500 million or more
- A product or prototype with at least a few customers
- Have a full-time technical product and marketing leader
The Armory Square Ventures team wants to help companies on the talent and operations side. The fund is looking to invest in 15-20 companies and will play a key role in sourcing senior level talent to help the company scale.
Armory Square Ventures and the Central New York Region
While the region is not yet Silicon Valley or Austin, TX, Chattopadhyay says there is a burgeoning startup ecosystem with plenty of upside for investors and entrepreneurs.
“The upstate NY region has its own strength and industry expertise. In NYC, we have finance, media, and e-commerce. Here we have industries such as education technology, healthcare IT, and energy software” says Chattopadhyay. Armory Square Ventures truly believes an institutional venture fund can serve as a catalyst for further innovation in this region.
With numerous nationally recognized universities in the region such as Syracuse University, Cornell , Clarkson , RPI, The University of Rochester, and the Rochester Institute of Technology (RIT), Armory Square Ventures believes there is a strong funnel of entrepreneurial talent to build companies in this region.
“It takes a long time for the companies to grow or go public, but we’re ready to help entrepreneurs build the next generation of Welch Allyn’s, or Paetecs as success begets success,” says Chattopadhyay.
“I’ve been so impressed with the level of enthusiasm and support we have received from businesses, universities and entrepreneurs and the entire community,” says Chattopadhyay. “It has been amazing.
More About the Armory Square Ventures Team
Along with Chattopadhyay, the Armory Square Ventures investment team includes Nicole Camarre, John Cococcia, and Steven Felsher who, combined, have over 60 years of experience in operating and investing in businesses across New York State.
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