We don’t talk about our fundraising efforts and capital structure in this space very much: this blog is for insights into how marketers connect with their audiences through sound. But we wanted to highlight a key milestone we’ve reached, along with one of our investors, Newark Venture Partners.
Today is “Demo Day” for Newark Venture Partner’s spring 2017 class, in which Veritonic participated. Newark Venture Partners (NVP) is a mission-driven venture capital fund and accelerator, helping innovative entrepreneurs to grow their companies with capital, hands-on coaching and other support structures, while also helping to catalyze the growth of the technology ecosystem in Newark, NJ. NVP does this in partnership with its investors, including many prominent companies in Newark like Audible, Prudential, and Dun & Bradstreet.
Over the last 3 months, NVP invested in 11 startups and brought them together in a common workspace. They also gave the participating companies a ton of hands-on feedback, coaching and sales and marketing support.
The participating companies in this class are largely B2B focused: from a B2B marketplace (Wearaway), to open-source application security and legal compliance (Gitlinks), to a CRM for Healthcare recruiting (DocDelta), to a marketing analytics provider for sound. (That’s us!)
Why is this relevant to marketers? First, the commitment to Newark is a statement of the belief that it is possible to do well by doing good. Many of NVP’s investments are companies from the New Jersey and New York area, but others have chosen to relocate their businesses and families to Newark. By aligning companies, and the resulting purchasing power, hiring, and tax dollars, with a locale that is committed to supporting their growth, both the companies and the city of Newark are benefitting.
Second, marketers should keep an eye on Newark for the opportunity to take advantage of all the talent that this ecosystem is producing, in technology, analytics and other disciplines. Besides Audible (an Amazon company, for those who weren’t aware) and the other large employers in the city, Newark has a thriving education sector, hosting Rutgers University’s Newark campus and Business School, the New Jersey Institute of Technology, and the Seton Hall University School of Law among others. Newark is also the home of the New Jersey Performing Arts Center, a world-class cultural center.
We’re proud of progress we’ve made in the last three months as part of the accelerator class. We’re particularly grateful for the support from NVP’s managing partners Dan Borok and Tom Wisniewski. Congratulations on another successful Demo Day NVP!