Newark Venture Partners has closed on $23 million toward a $50 million fund, according to a press release.
The newly created Newark, N.J.-based firm, founded by Audible founder Don Katz, attracted limited partners including Audible, an Amazon company, Dun & Bradstreet and Prudential Financial, the release said.
Newark Venture Partners also launch its accelerator program, Newark Venture Partners Labs, which is backed by the new fund. The lab’s first class will kick off in September, and each company will receive $80,000, the release said.
The firm will focus on seed and Series A investments in tech startups from the New York City ecosystem and globally.
The firm is run by managing partners, Tom Wisniewski, formerly of RosePaul Investments, and Dan Borok, formerly of Millennium Technology Value Partners.
Newark Venture Partners has made its first investment in StrongArm, Inc.