Seed stage venture firm Newark Venture Partners (NVP) is welcoming onboard family office leader Vaughn Crowe. Serving as managing partner, Crowe will lead new investments for NVP II, as well as lend operational support to the firm’s portfolio of diverse founders.
NVP, as its full name denotes, is based in Newark, New Jersey and is committed to growing the urban entrepreneurial tech ecosystem, as well as supporting community initiatives. Their efforts were recognized when Crunchbase included them in their “Top 10” list of VC’s supporting Black and Latinx founders. Female founders or founders of color comprise 56% of NVP’s portfolio that reflects the makeup of Newark’s estimated 282,000 residents with Black or African American: 50.13%, White: 28.58%, Other race: 16.64% and 51% female, according to the U.S Census Bureau.
Crowe who was born and grew up in Newark has a personal connection to the Boys & Girls Clubs of Newark and NVP Fund II is expected to reap some benefits for the organization—as well as Crowe helping to grow the City’s next generation of entrepreneurs.
“I believe deeply that NVP’s approach to investing, within thematic areas of focus like health tech, will solve some of today’s most pressing business challenges. In addition, the firm’s commitment to economic development in Newark aligns with work I’ve done throughout my career and I look forward to ensuring that the community participates in the success and growth of the firm,” said Crowe.
While native to Newark, he is no stranger to NVP, having played a key role in its launch and serving as a thought partner on strategy and investments. He is a long-time advisor for Ray Chambers’ family office, Wesray Social Investments LP and has served on the board of the Newark Community Economic Development Corporation (appointed by then-Mayor, now Senator Cory Booker), and currently serves as Vice-Chair of Newark Beth Israel Hospital and is on the New Jersey State Investment Council.
Don Katz, Founder of NVP and Chairman of Audible, is enthused about Vaughn joining the NVP team, stating, “I’m thrilled to welcome Vaughn to the cause. A Newark native with deep knowledge of the business, government and philanthropic sectors, and someone I began to work with to advance Newark’s comeback story more than a decade ago, Vaughn will help accelerate NVP’s meaningful support for innovation, investment, and equitable growth in the city.” said Katz.
Crowe’s step into NVP is very timely, following a successful first Fund in which NVP focused on B2B software investing. The Fund took stakes in healthcare, digital transformation in supply chain and logistics and the growth of the soundscape in audio/voice. The firm’s recent investments include health benefit provider Mira founded by Khang T. Vuong, scalable audio content platform Meet Cute, founded by Naomi Shah, and digital commerce software Agilis, co-founded by Jay Bhatia and David Grimes.
Ray Chambers who has devoted so much to the Newark community, as founder of Wesray Capital, philanthropist and mentor to Crowe, expresses great optimism about Crowe joining NVP and what it would mean to the Fund and to the local community.
“Vaughn’s stewardship at Wesray Social is indicative of his ability to recognize value and long-term promise. I share Vaughn’s belief in NVP, and the opportunity to build a leading B2B software-focused venture firm. I am also encouraged by the diversity of its portfolio investments and its team. Adding Vaughn to their team simply elevates their existing competitive advantage,” he said.
Read about NVP’s 2020 Cohort of Startups
