Driving impact through new jobs, stronger neighborhoods and healthier communities

The WNY Impact Investment Fund is pleased to report another strong year of place-based social impact investing, showcasing the Fund’s rigorous approach to doing well by doing good.

Investing since 2017, the Fund has raised more than $20 million to deploy into the community, backing innovative projects with commercial potential and strong social impact goals. That process includes separate but equally-weighted processes on impact and business upside.

“We continue to seek out visionary entrepreneurs in Buffalo with big visions and companies that will make this a better place to live, work and raise a family,” WNY Impact Investment Fund CEO Tom Quinn said. “Our Fund is evidence of what happens when this community comes together and puts its belief into action.”

Since the Fund last reported its social impact progress last year, its deals have included…

• A $750,000 debt investment into manufacturer Package Design & Supply, an important employer on Buffalo’s East Side. The deal stabilized employment at PDS and allowed it to begin an impressive growth streak that includes acquiring new companies.
• A $250,000 equity investment into Arbol, an ed-tech startup based in Buffalo and led by Latino founders David Gonzalez and Favio Osorio. Arbol’s platform helps college students recover from financial instability and continue on the pathway toward graduation.
• A $750,000 investment into 3AM Innovations, a Buffalo-based company with a platform that keeps first responders safe during emergency situations. 3AM is now working with local clients along with some of the biggest fire departments in the world.
• A $300,000 investment into The Rookery, a startup company which helps other startups develop medical devices. The Rookery is the centerpiece of an effort to create a new medical devices cluster around Northland Avenue on Buffalo’s East Side.

New jobs

Jobs play an important role in a community’s momentum and the Fund’s investments have now led to the creation of 372 full-time equivalent jobs, up from 285 at the close of 2024. The Fund is proud that 66% of those FTEs represent a marginalized community.

In the meantime, more than 50% of the leadership teams were from marginalized groups. A number of those investments have provided catalytic capital to female-led companies such as Top Seedz (Rebecca Brady), Buffalo FilmWorks (Jennifer O’Neill), CaHILL Tech (Carley Hill) and SomaDetect (Bethany Desphande).

In 2024, portfolio companies spent more than $1.2 million in healthcare expenses on those employees.

Neighborhood revitalization

One of the emerging templates for effective social impact investments involve companies that are growing through manufacturing in Buffalo. Portfolio companies have gone on to bring more than 1.5 million square feet of formerly vacant space back into active use.

These investments have been particularly impactful on Buffalo’s East Side, where the Fund has invested more than $5 million into five companies, leading to the creation of hundreds of jobs.

Some of these projects include…

• Viridi, which is transforming a formerly abandoned auto factory on Delavan Avenue into a thriving hub of lithium ion battery production. Viridi has also pioneered a new workforce model with its nonprofit subsidiary, Greenforce, which is dedicated to recruiting from communities surrounding the factory and providing wraparound support services.
• Top Seedz, a manufacturer of crackers and seeds with national distribution, which moved its HQ and production last year from the suburbs to downtown Buffalo. The Top Seedz workforce primarily consists of resettled refugees in Buffalo.
• CleanFiber, which manufactures building insulation out of recycled cardboard and occupies a formerly abandoned Bethlehem Steel building off Route 5 in Blasdell.
• Buffalo FilmWorks, a large film production site which is helping to introduce a new industry to Buffalo, reinvigorated a moribund former rail car factory at Babcock and Clinton streets in Buffalo.

Previously mentioned PDS and The Rookery also fit into this template.

Environmental stewardship

Several of the Fund’s portfolio companies have environmental missions. CleanFiber, for instance, has kept more than 36 million tons of cardboard out of the landfill since it opened its factory. Composting company EcoVerde, which is at full operation from its site in the town of Alabama, has now kept more than 20 cubic tons of waste out of landfills and turned it into high-quality compost. Viridi is recognized as a vanguard in the global wave of electrification, as its battery-powered generators replace noisy and pollutive diesel-powered generators.

In all, the Fund has deployed $13 million into 16 local companies and makes between three to five investments per year.

With strong momentum in its portfolio and clear evidence of social impact, we expect to continue investing in Western New York for years to come.