NEW YORK, New York (December 4, 2023) – Lair East Labs (LEL), one of the highest rated accelerators* in the country, has become a certified accelerator under the New Jersey Economic Development Authority’s (NJEDA’s) NJ Accelerate program. That program offers financial support for both Lair East Labs and startup companies that graduate from the LEL program and locate in New Jersey.
Lair East Labs received the notice of approval in September from the NJEDA after completing a stringent application process. LEL is one of only ten accelerators accepted into the program to date.
“We are eligible to provide our accelerator graduates with the opportunity to apply for the NJ Accelerate Investment Benefit (convertible note matched 1 to 1 LEL’s investment up to $250,000) and NJ Accelerate Rent Benefit,” Michelle Wang, partner at LEL, said in an email. “Lair East Labs gradually developed its unique accelerator model, bringing in the collaboration of private capital, public government matching funding, and international market entries to our accelerator cohort companies.”
A rigorous screening process of the startups, strong mentorship network, and investment in at least one company per cohort are among the criteria for accelerator eligibility in NJ Accelerate. Sunstone Management, Inc., LEL’s capital partner, will join forces in providing capital investment to selected accelerator participants, according to John Keisler, Sunstone’s managing partner and CEO.
“This is amazing news for Lair East Labs, for us, and for the entrepreneurs in LEL’s accelerator,” Keisler said. “We’ve long been big believers in partnering with government agencies to give startup founders the best possible chance to succeed. It is a great economic development tool for the governments and a great opportunity for the entrepreneurs.”
Earlier this year, Sunstone Management opened an office in the same mid-town Manhattan building that is home to Lair East Labs. The company has been involved with the last two LEL cohorts.
“We appreciate all the support the Sunstone team provided,” Wang said. “We aim to build more collaborations with local universities and NYC and NJ local economic development organizations.”
For more about the NJEDA’s NJ Accelerate program, go to www.njeda.gov/njaccelerate/. For Lair East Labs, go to laireastlabs.com and for Sunstone it is www.sunstoneinvestment.com.
*In 2019, Lair East Labs was recognized as one of the “Top 100 Accelerators Worldwide” by Crunchbase.
Note: This presentation is for information purposes only and is not intended as an offer to sell securities or the solicitation of an offer to buy securities. Such offers are made solely pursuant to formal offering and subscription documentation in an investment fund (“Fund”).
About Lair East Labs
Lair East Labs is a startup accelerator based in New York that empowers founders to expand internationally. In the first five years of operation, our portfolio companies have raised over $45 million in funding after completing the accelerator. Our program combines the best of two worlds – learn from alumni founders of top Silicon Valley-style accelerators and gain access to a network of mentors and investors with extensive experience navigating the U.S. and Asian markets. In 2019, Lair East Labs was recognized as one of the “Top 100 Accelerators Worldwide” by Crunchbase. www.laireastlabs.com.
About Sunstone Management
Sunstone Management is a diversified private capital management firm with headquarters in Southern California that provides a range of early-stage venture capital, real estate, and fixed income funds to qualified and accredited investors. The firm delivers new and exciting options for economic growth through innovative public-private partnerships, making use of its unique experience across government, education, and private sectors. Identified by Financial Times as one of America’s Fastest Growing Companies three years in a row. In the second quarter of 2023, PitchBook ranked Sunstone the seventh most active early-stage venture capital firm in the country, and 18th overall.
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