The Western New York Impact Investment Fund is dedicated to profitable investments that make a measurable positive difference in the community.
Investors and supporters of the Fund gathered in downtown Buffalo recently to hear about the Fund’s progress toward that goal during its annual Investor Reception.
After remarks by board chair Brigid Doherty, Fund CEO Tom Quinn walked through nearly seven years of place-based social impact investments in Western New York, which have resulted in the creation of 830 new jobs (with 640 of those paying a living wage) and the revitalization of formerly abandoned factory space in Blasdell, Buffalo’s East Side and downtown Buffalo, among other metrics.
Additionally, the Fund’s portfolio companies have removed 715,437 tons of carbon and 35,521 tons of waste from the environment through their products and services.
The Fund has raised more than $20 million to deploy into the community and has invested $11.4 million of that so far. Along the way, it has become nationally recognized for its model of place-based social impact investing.
“Many of you were in the room as we built this project, and we always told you that we think Western New York can be the proving ground for a new investment model,” Quinn said. “Now we’re coming back to say it’s working. We’re contributing to the region’s resurgence in a meaningful way, and in turn that is creating a bright future for the Fund.”
The Fund has continued to play a role in Buffalo's resurgence with a steady dealflow over the past two years, despite a significant national slowdown in venture activity. The Fund has countered this trend by actively reaching out to innovative, mission-based companies in the region and building mutually beneficial partnerships. Recent investments include:
- Top Seedz ($750,000): The Fund is the first private investor in the growing artisan cracker and seeds company, which is moving into expanded manufacturing space in downtown Buffalo and going from 800 to 4,000 retail stores this year. Top Seedz is led by a female founder and CEO, Rebecca Brady, and primarily employs Black women from Buffalo’s refugee community.
- LenderLogix ($500,000): The Fund also became the first private investor in LenderLogix when it invested in September 2023. Based in Larkinville, the mortgage technology company has continued to grow despite rocky waters in the mortgage industry, and is now building a tool that will drive investment opportunities in low-income communities.
- CaHILL Tech ($250,000). The Fund’s second investment in CaHILL supported the company’s move toward educational modules that create opportunities for new workers to enter the construction industry. CaHILL’s product, aQuire Academy, successfully completed its first cohort recently. CaHILL is led by female founder Carley Hill.
- Arbol ($100,00): The Buffalo-based higher ed technology startup is led Latino co-founders who are building a product that solves the problems they faced as first-generation college students. The Fund’s investment in Arbol allowed it to raise an $850,000 pre-seed round in 2023, expanding relationships with its early customers while onboarding new ones.
- CleanFiber ($1 million): The debt investment made the Fund the lead investor in CleanFiber’s $5 million round. CleanFiber revitalized a formerly derelict factory in Blasdell, where about 100 people now work creating building insulation from recycled cardboard.
Quinn noted that the WNY Impact Investment Fund is still actively courting investments in promising local companies, as long as they have a strong story about making a positive impact in the community. The fund recently approved two significant investments that should become public soon.
“We have the dry powder to do some exciting things in the coming years, and we fully plan on fulfilling this promise,” he said. “We’re a dealmaker that is known for being on the cutting-edge of trends. That means that a lot of people are watching what we do next. That’s just how we want it.”
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