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Launch NY gets $100,000 in funding from utilities

Launch NY, a state-backed venture aimed at helping high-growth companies across upstate, has received $100,000 in funding from New York State Electric & Gas Corp. and its sister company, Rochester Gas & Electric.

The funding, through a pair of economic development grants from the utilities, will help Launch NY launch a new seed-stage investment fund that will help start-ups by providing working capital that they need to survive until they are able to secure funding from outside investors.

The Launch NY Seed Fund is expected to make its first investments this year. Launch NY has helped nearly 500 firms across the western half of New York since it was launched four years ago.