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MassVentures Early Stage Fund

Funding Opportunity: MassVentures invests in Massachusetts-based early stage, high growth, innovative companies that have the potential to create employment opportunities in the Commonwealth. MassVentures is industry agnostic and focuses on those points in the investment cycle where capital gaps exist; namely Series A and occasional and opportunistic seed rounds. The investment team is actively involved with their portfolio companies, usually at the board of directors level. The team’s collective involvement in venture investing with over 100 early-stage companies and its experience gained through several major business cycles and countless sector rotations enable it to provide guidance in matters of operational, finance and sales strategy, and corporate governance. MassVentures Early Stage Fund is a first round program which provides initial investments of $250K to $500K in Series A equity capital with the potential for follow-on funding. The MassVentures team builds investor syndicates to leverage the capital that MassVentures invests. While MassVentures is often the first institutional investor involved with the early-stage companies in which it invests, it works to build an investor syndicate to maximize the long term funding potential for each company. MassVentures has co-invested with over 100 venture capital firms, many of which remain valued deal sources.

Application Deadline: Open application

Requirements:

• Companies seeking MassVentures funding must be technology-driven and must meet the following criteria:

  • A significant presence in Massachusetts

  • A capital efficient business model

  • A market opportunity that will support significant growth

  • A compelling investment thesis and value proposition

Industry Specific: Industry agnostic, but must be technology-driven

MassCEC: Equity Investments Program

Funding Opportunity: Funding Opportunity: MassCEC makes direct equity investments in early stage clean tech companies based in Massachusetts. The average investment is approximately $500,000 in a Seed, Series A, or Series B financing rounds. MassCEC will consider leading rounds where the center can play a significant role and act as a catalyst for other investors to participate. Applicants are accepted on a rolling basis. Before making an investment decision, MassCEC’s team may perform extensive due diligence, including in-person meetings, financial reviews, reference checks, etc. All investment decisions must be approved by the MassCEC Board of Directors.

Application Deadline: Open application

Requirements: 

• Only Massachusetts-based applicants that fit the MassCEC definition of “clean energy” are eligible.

• Typically, the program requires at least three of the following four offices be based in Massachusetts:

  • Company Headquarters,

  • Primary research and development,

  • Primary sales and marketing, and/or

  • Primary manufacturing.

Industry Specific: Clean energy companies

MassVentures SBIR Start Program

Funding Opportunity: MassVentures identifies, funds, and nurtures early-stage deep tech companies that drive economic growth in Massachusetts. Their SBIR Targeted Technologies (START) program offers non-dilutive grant funding to Massachusetts-based companies that have received Phase II Small Business Innovation Research (SBIR) or Small Business Technology Transfer (STTR) awards. These grants support companies in bringing prototypes to commercial reality and cover expenses like patent costs, prototyping, business plan creation, market research, and trade show activities. START offers MA-based, SBIR Phase II companies, grants, and business guidance to help them commercialize their technologies. Each year, the program awards:10 “Stage I” grants of $100,000 each; “Stage II” grants of $200,000 each to the most promising “Stage I” winners from the previous year and; 2 “Stage III” opportunities: up to $500,000 each of seed capital in a commercial spinout from the most successful Stage II companies.

Application Deadline: Applications open February 1, 2024

Requirements:

• Applicants must have received a Phase II SBIR or STTR award within the last four years; or

• Alternatively, have either gained ‘meaningful commercial traction” as defined below, within the past four years or the technology otherwise remains commercially viable today.

• It is expected that START funds will be spent primarily in Massachusetts

• What constitutes “meaningful commercial traction or continuing commercial viability” will be determined by MassVentures on a case-by-case basis in its discretion. Examples of events that might constitute “meaningful commercial traction” include, but are not necessarily limited to:

  • Significant sales of the technology (either to the federal government or to non-government commercial customers);

  • Commercial contracts (for example, technology licenses or production/manufacturing contracts) or recent written communications from potential commercial partners, suggesting that sales are likely to be forthcoming; or

  • Joint ventures, strategic alliances, or other significant commercial collaborations.

Industry Specific: Industry agnostic, but must be technology-driven

NB100

Funding Opportunity: The NBEDC (New Bedford Economic Development Council) offers a range of grant and lending programs to support both new startups and existing businesses. Their grant programs cater to entrepreneurs and businesses in New Bedford. NB100! provides grants up to $10,000 to eligible entrepreneurs who have completed technical assistance programs offered by their partnersGrant awardees must match a minimum of 50% of the maximum grant award, and eligible startup costs must be at least $15,000 to receive the full $10,000 grant. The funds from the NB100! program can be used for various business expenses, including lease or mortgage payments, utility costs, payroll, inventory expenses, and improvements to address the impacts of the COVID-19 public health emergency. To apply for this program or get more information, entrepreneurs can contact NB100@nbedc.org.

Application Deadline: Applications open February 1, 2024

Requirements:

• Entrepreneurs must have completed partner provided technical assistance programming

• Must be a for-profit entity

• Must be based within New Bedford

• Must be in business for no more than 24 months

• Ineligible businesses include: liquor and tobacco stores, pawn shops, adult entertainment establishments, passive real estate investments, etc.

Industry Specific: No

10% Research and Development Tax Credit

Application Deadline: Open application

Funding Opportunity: Massachusetts offers a 10% Research and Development (R&D) Tax Credit. It is important to note that the percentage can rise when collaborating with local colleges or universities. In Massachusetts, any costs which would qualify for the Federal R&D tax credit are eligible for a 10% R&D Tax Credit. This credit can be used in addition to Investment Tax Credits. Further, a 15% R&D Tax Credit is available for costs related to donations and contributions made to research organizations such as hospitals and universities. The R&D credit is permanent but cannot reduce a corporation’s tax liability below the minimum of $456 and cannot reduce any tax liability over $25,000 by more than 75%. However, a corporation may carry forward for an unlimited period of time any portion of the R&D credit which cannot be allowed in a particular tax year because of this limit.

Requirements: 

• Contact a MOBD Regional Director to discuss eligibility requirements, here.

Industry Specific:  No

FinTech Sandbox

Funding Opportunity: FinTech Sandbox was created to address the cost barrier that entrepreneurs in financial services face when accessing data, aiming to provide data sets to startups for free. They serve as a hub for entrepreneurs to learn, experiment, and engage with the FinTech ecosystem, offering events, networking opportunities, and mentorship for experts, investors, and institutions in Boston and beyond. FinTech Sandbox primarily focuses on removing data access obstacles for FinTech innovation and collaborates with existing accelerators and incubators to support FinTech entrepreneurs. The program lasts for 6 months, granting participants access to various data offerings. Importantly, they do not take equity from startups; they operate as a non-profit with support from leading financial institutions, data providers, software companies, and investors who share their mission of advancing FinTech startups.

Application Deadline: Nov 29, 2023

Requirements:

• The accelerator favors seed / pre-revenue stage startups but having revenue does not make companies ineligible

• The program operates on a rolling basis, ensuring ongoing access. Applicants can anticipate receiving a response within two weeks of submission. The application process typically involves a first-round interview, followed by a second round that includes a demo and additional Q&A with the extended team

Industry Specific:  FinTech

MassChallenge

Funding Opportunity: MassChallenge is a nonprofit organization that facilitates connections between startups, experts, corporations, and communities to foster business growth and economic transformation. Their equity-free model enables them to accelerate high-impact startups with innovative ideas, particularly those from non-traditional backgrounds. They offer various programs, accelerators, and partnerships year-round, aiming to support visionary entrepreneurs in disrupting existing norms and driving sustainable change. MassChallenge's mission centers on empowering entrepreneurs with the resources, mentorship, and funding opportunities they need to create meaningful societal impact through entrepreneurship, fostering a global community dedicated to this mission.

Application Deadline: See here to view currently open accelerators.

Requirements:

• A founding team member must be in attendance for all mandatory, in-person events

• MassChallenge uses a competition model to select startups. Prospective MassChallenge startups submit application(s) for the MassChallenge program(s) they would like to join. After submitting the application, startups will participate in one or two rounds of judging. At the end of these judging rounds, the highest-impact and highest-potential startups are invited to participate in the program as Finalists

• View a specific accelerator for more detailed requirements

Industry Specific:  No

North Shore InnoVentures

Funding Opportunity: North Shore InnoVentures (NSIV) is a non-profit technology business incubator helping biotech and cleantech startups increase their probability of success.  Located in Beverly, MA, NSIV is dedicated to innovation, entrepreneurship and economic development through fostering life sciences and cleantech companies. NSIV’s collaborative business model allows it to provide promising young companies with office space, shared laboratories and equipment, sponsored professional services, successful entrepreneur mentors, and investor advisers. Together NSIV helps its member companies refine their business strategies, conserve capital, build strong teams, and achieve development and funding milestones.  NSIV is supported in part by state and federal grants, as well as corporate sponsors and donors, which help subsidize the facilities and services offered. The Incubator is priced to keep you cost-competitive and capital efficient, based upon your needs for space and support, and NSIV does not take equity.  Monthly pricing ranges from a simple $750 for access to support services to around $3,000 for a basic lab setup for up to 2 people. Larger spaces and access to specialized equipment add additional fees.

Application Deadline: Open application

Requirements: 

• Very selective application process

• NSIV will review and invite you in for a preliminary interview and tour with staff and/or members of its selection committee after the completion of an application

• Selected candidates will undergo a 2-hour Executive Review and Needs Assessment

Industry Specific:  Cleantech and biotech companies

U-Mass Boston’s Venture Development Center

Funding Opportunity:  University of Massachusetts Boston’s Venture Development Center, or the VDC, is a startup incubator that offers mentors, facilities, equipment and capital for startup companies. If you are from another country, the VDC relieves your immigration anxiety by sponsoring a cap-exempt H-1B visa anytime during the year. To help you build your business, the VDC gives you unprecedented access to a team that has been part of creating companies worth a billion dollars as both investors and entrepreneurs. And to make you productive, the VDC provides top-tier, ready to use laboratory and office workspace. Plus, to stretch your resources, the VDC helps you find talented and skilled science, engineering and business interns and gives you access to many types of advanced university engineering and life science instruments including an animal facility.  The Center accepts 10-15 companies annually with most companies arriving at the seed stage and graduating in 9-18 months with a larger investment.

Application Deadline: Open application

Requirements: 

• Entrepreneurs looking to grow their company from a Boston location are welcome to submit a brief application

Industry Specific:  No. Current industries include healthcare, biopharma, medical device, finance, software, electronics and nanotech.