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Business

New York City Has Venture Capital Fund

by Rick Mullin
April 6, 2015 | A version of this story appeared in Volume 93, Issue 14
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Credit: NYCEDC
New York City wants to compete with Boston and San Francisco in the life sciences.
A view of New York Harbor.
Credit: NYCEDC
New York City wants to compete with Boston and San Francisco in the life sciences.

Flagship Ventures and Arch Venture Partners will manage a $150 million life sciences funding initiative for the New York City Economic Development Corp. Flagship will manage funds earmarked toward fostering therapeutics companies in the city. Arch will manage money set aside for companies working in the areas of diagnostics, information technology, and general research tools. Investors include Celgene, GE Ventures, and Eli Lilly & Co.

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