Boston – MassDevelopment, the state of Massachusetts’ development finance agency and land bank, and MassChallenge, a global network for innovators, announced a partnership to identify and support new high-growth, high-impact businesses with access to financial resources and technical assistance.
Through this partnership, MassDevelopment will support MassChallenge’s annual cohort of 200 startups with networking, education, mentoring, and collaboration. MassDevelopment will also imbed key staff from its Emerging Technology Fund (ETF) in MassChallenge’s new headquarters at 10 Fan Pier in Boston to increase access among startups to the agency’s venture debt offerings.
“Seeing that for nearly 20 years our Emerging Technology Fund has infused dozens of technology companies with the capital they need to expand or relocate in Massachusetts, it made sense for us to have certain members of our staff work out of a dynamic physical space and alongside a team who are totally focused on building companies in the innovation sector,” said MassDevelopment president and CEO, Dan Rivera. “MassChallenge has created a world-class professional network of innovators and this partnership will allow our MassDevelopment team to work even closer with businesses in the early stages of their growth.”
The ETF provides low-cost, long-term venture debt to early-stage, emerging technology companies including businesses specializing in advanced materials, communications, defense and homeland security, electronics, environment, information technology, medical devices, nanotechnology, and plastics and polymers.
“Facilitating meaningful connections to bridge the gap between founders, industry leaders and experts is the very crux of why MassChallenge exists,” said MassChallenge CEO, Cait Brumme. “This partnership with MassDevelopment and welcoming them into the Fan Pier space to work directly with the startups in this year’s program is a critical step in accelerating startup growth and stimulating the innovation ecosystem in the Boston area.”