Dan Miner | Buffalo Business First
43North will get a fourth year.
Gov. Andrew Cuomo used his visit to Buffalo today to announce another $5 million in state funding to support the business plan competition.
The move was widely expected and probably won’t be the last of state commitments for the 2017 version of the competition. 43North scored a total of $7 million from the New York Power Authority in each of the last few years, which supported its incubator on the Buffalo Niagara Medical Campus and the competition itself.
The $5 million will come from Empire State Development Corp., with an additional $2 million to be considered from NYPA, according to Cuomo’s news release.
Seventeen companies are currently competing for eight awards, including a $1 million grand prize, $600,000 runner-up and six awards of $500,000.
A pitch competition is being held today in front of a national panel of early-stage investors, who will decide which eight companies are in the money and send three of them to a finale event tomorrow at Shea’s Performing Arts Center, where they’ll compete for the grand prize and runner-up award.
43North executive director John Gavigan said today that the 22 companies that won awards from the first two years experienced an average valuation increase of 300 percent. Last year’s winner, ACV Auctions, recently closed a $5 million Series A round.