US-based venture capital firm Newark Venture Partners reached the $23m first close of a $50m fund on Tuesday securing capital from limited partners including audio content provider Audible.
Audible was joined by business information firm Dun & Bradstreet, insurance and financial services group Prudential, real estate developer Fidelco Realty Group and Rutgers University Business School.
Founded in New Jersey by Audible founder and CEO Don Katz, Newark will invest up to $1m in seed and series A-stage portfolio companies while also helping build the local technology ecosystem in Newark.
Newark Venture Partners portfolio companies will be able to tap the expertise of Audible system engineers and architects, data scientists, technologists and business experts that work in the same building.
The fund will also support Newark Venture Partners’ newly launched accelerator initiative, Newark Venture Partners Labs. The accelerator will begin in September this year and will provide $80,000 in funding to each participating startup.
The first company to receive funding from Newark Venture Partners is StrongArm Technologies, the developer of a wearable ergoskeleton that assists in heavy lifting.
StrongArm previously raised an undisclosed sum from advanced materials and product maker 3M in September 2015, after securing $900,000 from backers including Excell Partners in 2013.