One purpose of Erie Homecoming was to attract investors interested in making investments within the Opportunity Zones. For a second day in a row, a large investment was announced.
In just 24 hours there were two multi million dollar investments made to help the city of Erie, but today’s came from a national company.
CapZone Impact Investments announced they are creating a 10 million dollar Venture Capital Fund that will directly impact the Erie Innovation District.
“So when we saw that Erie was taking a lead and coming together across business communities, and across political leadership, and local universities, we thought this is the kind of place that is going to spawn some really exciting opportunities. We are just excited to ride that wave and invest in some of the companies that are most promising,” said Matthew McGuire, Vice Chairman, CapZone Impact Investments.
In order to receive money from this fund, companies must go through the Erie Innovation District’s incubator process. From there, representatives will select the ones that they believe are the most promising.
Not only is this investment helping Erie take a step into the future, but it’s also helping create many jobs and start up new companies.
“We believe that with the 10 million dollar investment from CapZone, we are likely to be able to bring in as many as 70 new companies. I will let you think about how many jobs does that really imply for Erie,” said Karl Sanchack, President and CEO, Erie Innovation District.
The Innovation District also announced the creation of seven new companies in the area as well. Sanchack further explained that this year will be noted in history for Erie.
“We’re going to look back and say 2019 was the year of the Erie Homecoming, and oh by the way, that was the time when we brought in more capital, more opportunity, and more new jobs than any point in the history of the city,”
The recently announced investments, 60 million dollars in total, will go into helping different projects in Erie’s Opportunity Zones.
Erie Insurance announced they are investing 50 million dollars into an Opportunity Zone Fund.