In a major move to bolster the state’s startup ecosystem, the New Jersey Economic Development Authority (NJEDA) Board approved ten corporations this week to purchase $85 million in tax credits. The proceeds will be funneled into the New Jersey Innovation Evergreen Fund (NJIEF), a unique public-private partnership designed to catalyze investment in early-stage high-growth companies.
This marks the second tax credit auction since the program’s inception in 2022. Due to high demand, the NJEDA increased the auction amount from an initial $50 million to $85 million in September.
The NJIEF is a pillar of the Murphy Administration’s strategy to reclaim New Jersey’s status as a global leader in innovation. Under the fund, the state acts as an equity investor, deploying up to $600 million alongside professional venture capital firms.
“The Murphy Administration has bolstered New Jersey’s innovation economy by engaging with the state’s industry leaders to catalyze investment and foster mentorship,” Mary Maples, NJEDA acting CEO said.
The ten approved companies represent a cross-section of industries, including telecommunications, insurance, and health care. These corporations are not just providing capital; they have also committed nearly $4.4 million toward strategic initiatives like mentorship, workforce development, and free workspace for entrepreneurs.
| Corporation | Tax Credits Approved | Purchase Price |
| Comcast Corporation | $27.7 Million | $22.8 Million |
| Verizon Communications | $19.5 Million | $16.0 Million |
| Prudential Insurance | $13.6 Million | $10.9 Million |
| MetLife | $7.6 Million | $6.5 Million |
| Unilever United States | $5.4 Million | $4.3 Million |
| Haleon US Holdings | $3.4 Million | $2.5 Million |
| Selective Way Insurance | $3.0 Million | $2.4 Million |
| Cross River Bank | $2.9 Million | $2.3 Million |
| OceanFirst Financial | $1.0 Million | $750,000 |
| CGI Technologies | $930,000 | $697,000 |
As part of the deal, each corporation will serve on the NJIEF Advisory Board for one year. Their strategic commitments are designed to bridge the gap between established industry giants and emerging startups through networking & mentoring, shared workspace and workforce development.
With this latest auction, the NJIEF continues its momentum. Currently, approximately $13.6 million in unallocated capital is available for immediate investment into high-growth New Jersey businesses.
Applications for venture firms seeking to qualify as a QVF can be found here and are being accepted on a rolling basis.
