Launch NY, Upstate New York’s first and only venture development organization to provide pro bono mentoring and capital access to high-growth startups across the 27 westernmost counties of the state, has five client companies competing in the Grow-NY finale, culminating with the Grow-NY Summit on November 12-13 at the Joseph A. Floreano Riverside Convention Center in Rochester.
Grow-NY is an unprecedented food and agriculture business competition that identifies, supports and funds the top food, beverage and agriculture innovations across the globe. The competition joins the ranks of 76West, 43North, Genius NY, and Luminate that include a $1 million top prize as well as mentorship, training, business development support and tax incentives, in which Launch NY client companies have been performing extremely well.
The Launch NY client companies that will present at the Grow-NY Symposium and are competing for the top prize are:
- Capro-X – (Ithaca, N.Y.) Created a sustainable fermentation technology to upcycle dairy wastewater.
- Combplex – (Ithaca, N.Y.). Uses remote monitoring technology to provide the benefits of digital agriculture and big data to commercial beekeepers.
- Halomine – (Ithaca, N.Y.) Offers anti-microbial products to ensure the safety of processed foods.
- Re-Nuble – (Rochester, N.Y.) Turns produce waste from wholesale produce distributors and food processors into organic nutrients for both soilless and soil-based farmers.
- The Perfect Granola – (Victor, N.Y.) Makes healthy, gluten-free food; gives five percent of profits to homeless shelters, outreach centers and food banks. A Launch NY portfolio company with an extended partnership with Foodlink; New York’s first NYS Grown and Certified ready-to-eat packaged grain producer. The Perfect Granola is available in Walmart, Wegmans, Hannaford, ShopRite, Top Stores, and more.
All of Launch NY’s Grow-NY finalist companies have received mentorship and assistance with preparation for the competition from Launch NY’s Entrepreneurs-in-Residence (EIR) Program. With Launch NY’s robust mentorship program serving over 1,000 startup companies across Upstate New York, EIRs work with client companies before, during and after Launch NY’s rigorous investment process that prepares entrepreneurs to become investment ready not only to apply to Launch NY’s seed fund, which is the most active in the state, but also to raise funds from other investors.
In addition to the $1 million grand prize, Grow-NY is offering two $500,000 prizes and four $250,000 prizes for a total of $3 million in investment capital. Winners are required to locate and/or conduct business in the Grow-NY zone, which consists of the Central New York, Finger Lakes, and Southern Tier regions.
“It is so powerful that the preparation we do with our companies to tap our Invest Local programs has made them incredibly competitive for winning significant cash prizes from competitions like Grow-NY,” said Marnie LaVigne, Ph.D., president and CEO of Launch NY. “Best of luck to Capro-X, Combplex, Halomine, Re-Nuble, and The Perfect Granola, who represent the energy, drive, determination and innovation that is the hallmark of Launch NY. You all make us proud and are the epitome of what it means to #InvestLocal.”
Launch NY has invested over $2.1 million in 44 Upstate startups since its inception in 2016. Earlier this year, Launch NY also announced its new Invest Local platform designed to work with its nonprofit fund; and a new digital Investor Network. The Perfect Granola was one of the first six startups featured on Launch NY’s new Investor Network platform.