SOSV and the New Jersey Economic Development Authority (NJEDA) announce new $50 million project to establish a U.S. headquarters for HAX in Newark
We’re pleased to announce that SOSV HAX will build a state-of-the-art new facility in Newark, New Jersey, effectively doubling down on HAX’s work with founders in industrial, healthcare, and climate tech. SOSV’s partner in the five-year, $50 million project is the New Jersey Economic Development Authority (NJEDA), which — like SOSV and HAX — is committed to the rapid re-industrialization and decarbonization of the United States. This opportunity brings incredible promise to our founders and the future of HAX, as the HAX team explains eloquently in a post on their site. New Jersey Governor Phil Murphy’s office produced an extensive press release on the partnership, and TechCrunch covered the news as well.
How did this come about? This partnership with the state of New Jersey is the result of SOSV’s nationwide search and a competitive proposal process. New Jersey stood out because it was willing to commit $25 million to build out the new HAX presence. For our part, SOSV committed to invest at least $25 million in 100 HAX startups over the next five years. Newark is a great location because of extensive, affordable industrial space, unparalleled transport and communication links, a vibrant downtown, and proximity to the second largest venture investing ecosystem in the U.S.
We share congratulations and appreciation with our SOSV colleagues and the NJEDA — with special nod to New Jersey Governor Phil Murphy and New Jersey Economic Development Authority CEO Tim Sullivan — who were important champions of the effort. We look forward to welcoming HAX companies (alumni, current participants, and future investments) to the HAX office in spring next year.