Leah Busque

State launches women-focused investment fund

New York State is unwrapping a $2 million investment fund to support minority- and women-owned business enterprises. The MWBE Investment Fund, managed by Rochester-based venture capital firm Excell Partners, will provide early-stage financing to certified minority- and women-owned startups, with a particular focus on high-tech ventures, according to a statement from Gov. Andrew Cuomo’s office. The “first-of-its-kind investment fund” will be a big help to a “vitally important part of the state’s economy,” the governor…

CEO Allen Shayanfekr

Sharestates lands $30M to expand RE investments

Sharestates, the Great Neck-based online real estate investment platform, announced a $30 million commitment from Ranger Direct Lending Fund that will expand the startup’s  direct lending in residential, commercial and mixed-use properties in New York. Founded in 2013 by Allen Shayanfekr and title insurance veterans Radni and Raymond Davoodi, Sharestates focuses on financing fix-and-flip loans with an average value of $350,000.  So far, the firm has raised a total of $4.5 million for 13 projects. Ranger’s money could…

LIAN Chair Michael Faltischek

DEBRIEF: Michael Faltischek, LI Angel Network

As chairman of the board of the Long Island Angel Network – which has reviewed over 600 financing applications and brokered in excess of $5 million in investments – attorney Michael Faltischek is point man in the local effort to unite entrepreneurs and investors, a mission plainly focused on the Island’s future success and growth. He is earnest and good-humored about this mission, but be careful when you suggest the network has a “tech” focus….

David Hershberg, STS Global

CEWIT residents soft pitch the Angels

The board of the Long Island Angel Network heard presentations from four aspiring companies on Friday and, for a change, not one of them was asking for money. Soliciting investments was not the main goal of this particular meeting, held at Stony Brook University’s Center for Excellence in Wireless and Information Technology. The idea, noted Michael Faltischek, the LIAN chairman, was “more a means of educating the board about what CEWIT has to offer, to…

ALI director Mark lesko

Accelerate LI to partner on $1.5M seed fund

New York State has awarded $1.5 million to a new seed fund designed to invest in downstate companies commercializing research from local laboratories and universities. The fund will be administered by Accelerate Long Island and the SUNY Research Foundation and will handle investments on Long Island, parts of New York City and the Hudson Valley. The $1.5 million will be matched by the university system’s investment arm and with private money from local venture firms…