Newark Venture Partners closes $23 million fund, opens accelerator program

Newark Venture Partners announced today that it closed a $23 million investment fund, part of a $50 million intended fund, to finance seed and series A-stage tech startups.

The CEO of Amazon subsidiary Audible, Don Katz, founded Newark Venture Partners with backing from Audible, Dun & Bradstreet, Prudential Financial, and angel investors.

The recently launched venture firm also announced that it will start accepting applications for its accelerator program, which will be homed in 25,000 square feet of state-of-the-art coworking space in Newark, New Jersey.

Newark Venture Partners Labs, as the program is called, will be working with New York tech entrepreneurs, as well as people from all over the globe, starting September 2016.

NVP will funnel $80,000 into each participating company, and award alumnus that complete “a qualified financing” with up to $1 million in follow-on investment.