Golden Seeds’ New Jersey Chapter Joins National Chapter in Celebrating its 20th Anniversary; Highlights Success of Supporting Women-Led Companies

Golden Seeds has invested over $180 million in 250 women-led companies since its inception 20 years ago

TRENTON, N.J. (October 25, 2024) - The New Jersey chapter of Golden Seeds, supported by First Lady Tammy Murphy and the New Jersey Economic Development Authority (NJEDA), joined the national chapter in commemorating its 20^th anniversary at a celebration on Tuesday in Montclair. Golden Seeds is one of the nation's most active early-stage angel investment firms focused on supporting women-led businesses, investing over $185 million into 250 companies since it was established in 2004.

The New Jersey Golden Seeds chapter, which was founded in 2020, has invested over $9.7 million in female-led companies.

"As Golden Seeds celebrates its 20th anniversary, it is important to recognize and celebrate the opportunities that our unique partnership between Golden Seeds and the NJEDA is creating for women-led startups and female entrepreneurs," said First Lady Murphy. "Together, we are ensuring that female founders have the resources and support they need to thrive by leveraging a national network of angel investors and thus creating a stronger and more equitable economy. In just four years, our New Jersey chapter has become the most active Golden Seeds chapter in the nation, and I have no doubt that we are a world leader in financial services, pharmaceuticals, generative AI, fin-tech, and so many other industries, because we have invested in empowering female leaders across our state."

"Under Governor Phil Murphy and First Lady Tammy Murphy's leadership, New Jersey is creating an environment where women-led businesses can succeed, by breaking down barriers to capital and encouraging a vibrant and equitable angel investment landscape," said NJEDA Chief Economic Transformation Officer Kathleen Coviello. "The New Jersey Chapter of Golden Seeds is supporting female founders in the Garden State with mentoring and investment opportunities, arming them with the tools needed to thrive."

Golden Seeds' members are dedicated to evaluating, funding, and helping companies with at least one woman in an upper management role who has an equity position. To support Governor Murphy's goals of building a stronger and fairer New Jersey economy and creating the most diverse innovation ecosystem in the nation, First Lady Murphy and the NJEDA organized the New Jersey chapter of Golden Seeds in 2020, contributing to the creation of a strong, cohesive, and equitable angel investing community.

"Although I've traveled and lived around the world and have been a long time member of Golden Seeds, investing and mentoring companies with diverse teams, I am a "Jersey Girl" born and bred," said Golden Seeds Managing Director Gina Tedesco. "So it is immensely rewarding to play even a small part in helping to create this world class partnership to increase access to capital for all the incredible women-led companies in New Jersey, my own backyard"

Innovative women-led New Jersey companies supported by Golden Seeds' New Jersey chapter include:

• SunRay Scientific, based in Eatontown, offers custom-engineered, interconnected solutions for advanced electronic packaging. The company raised over $350,000 from Golden Seeds in the first round, with Golden Seeds participating in a $2 million follow-on round. SunRay Scientific utilized additional benefits from the NJEDA's Angel Investor Tax Credit Program.
• Otava Inc., based in Moorestown, is focused on end-to-end technology and chip development used by advanced 5G commercial and Department of Defense applications. The company raised $610,000 from Golden Seeds funding for the first round and are expected to close a second round before the end of 2024.
• Endomedix, based in Montclair, raised over $200,000 in funding from Golden Seeds. The company develops a medical device that stops brain bleed during surgery and reduces swelling.
• Princeton Identity, based in Hamilton, develops iris and face biometrics for human authentication to control access, time & attendance, and point-of-sale applications. The company raised $320,000 from Golden Seeds and received an additional $500,000 through the NJEDA's Angel Match Program.

The New Jersey chapter of Golden Seeds holds monthly Office Hours to connect entrepreneurs and Golden Seeds members and provide information on the angel investing process. From February 2020 thru September 2024, the chapter has hosted 189 female entrepreneurs in 46 monthly office hours. To sign up for an Office Hours session, click here.

Investors interested in Golden Seeds membership and the broader angel investing community can join an online forum to observe members as they consider future investments. For more information, visit https://goldenseeds.com/angel-network/interested-in-joining/.

About the NJEDA

The New Jersey Economic Development Authority (NJEDA) serves as the State's principal agency for driving economic growth. The NJEDA is committed to making New Jersey a national model for inclusive and sustainable economic development by focusing on key strategies to help build strong and dynamic communities, create good jobs for New Jersey residents, and provide pathways to a stronger and fairer economy. Through partnerships with a diverse range of stakeholders, the NJEDA creates and implements initiatives to enhance the economic vitality and quality of life in the State and strengthen New Jersey's long-term economic competitiveness.

To learn more about NJEDA resources for businesses, call NJEDA Customer Care at 844-965-1125 or visit https://www.njeda.gov and follow @NewJerseyEDA onFacebook, Twitter, Instagram, and LinkedIn.

###