ASSOCIATION OF NEW YORK

2020ANNUAL REPORT

INVESTMENT LANDSCAPE

A S S O C I A T I O N O F N E W Y O R K

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Randy Bianchi Lakelet Capital

Brian Model Topmark Partners

Jennifer Tegan ESD NY Ventures

Rami Katz Excell Partners

David Kocen Bluehenge Capital

Mike Lasch Pine Street Capital

Sam Ticknor Union Hill Advisors

Upstate Capital Association of NY

Noa Simons

Thomas QuinnWNY ImpactInvestment Fund

Somak Chattopadhyay Armory Square Ventures

Pravina RaghavanESD NY Ventures

Nicholas Querques SUNY Research Foundation

Brandon Martindale Graycliff Partners LP

Jeremy Shure Grasshopper Bank

Aaron Newman, Executive Chairman & Founder, CloudCheckr (Planning & Pivoting - June 24)

Momo Bi, Director, NY Ventures (Invest NY: Energy & Transportation - October 22)

Sharon Cryan, Founder & CEO, Foodnerd (Future of Food - July 8)

Jeff Armbrister, Global Head of Direct Equity Investments, Hamilton Lane (Buffalo PE Summit - September 24)

Dan Gerena, Principal, Business Intelligence Practice, Freed Maxick CPAs, P.C. (Buffalo PE Summit - September 24)

Bonnie Ryan Arrante, Partner, Abingdon Square Advisors (Planning & Pivoting - June 24)

Vikram Agrawal Vik Brothers

Jeff Lewis The Bonadio Group

Lindsay Stencel Thompson Hine

David HelgersonHamilton Lane

Daniel Penberthy Rand Capital Corporation

LEADERSHIP

Marissa Wiley Nixon Peabody

Sean Moskal KeyBank

(From Top Left)


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Dear Reader,

Looking back on 2020, what an incredibly complicated and unexpected year we have

had in our community in Upstate New York. With drastic changes, devastating losses

and substantial gains, on many fronts both business and personal, the past year is

unprecedented in nearly every way.

Early in 2020, Upstate Capital doubled down on our core value proposition: creating

opportunities for making 1-1 connections for our membership, companies and professionals

across all stages of our M&A ecosystem - Angel, Venture, Growth & Buyout. We were

fortunate to have upgraded our digital marketing and online technology platform in 2019,

which provided the framework for the efficient delivery and communication of our valuable

programming.

Given our timing, focus and team effort, we are pleased to have hosted an average of 2

events per month online. We featured investors and CEOs at every event, sharing important

perspectives and personal stories, while introducing many new relationships. As a result,

we increased The Upstate Capital Association of New York’s membership to 160 active

members. Thank you for your continued support and recommendations.

Through our 501c3 educational foundation, the Capital Foundation of New York, we have

opened up access to mentorship for all types of entrepreneurs. We’ll seek to develop this

program in 2021. This year will be our 4th year leading the NYBPC, New York’s intercollegiate

business plan competition. Over 1,000 students each year gain skills, knowledge and

connections to help them pursue entrepreneurship. It’s a tremendous opportunity for the

business community to support up-and-coming entrepreneurs.

We look forward to continuing to serve the Private Equity + M&A deal making community, as

well as the Venture + Growth entrepreneurial ecosystem, across New York this coming year.

On behalf of the Board of Directors and the Upstate Capital team, we hope that 2021 brings

peace, health and prosperity to you.

Sincerely,

Randy Bianchi Noa Simons

President Executive Director

P.S. Please reach out to us if you’d like more information on membership, partnership

and sponsorship, or how to get more involved.

2020 Annual ReportUPSTATECAPITAL.ORG


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Finger Lakes& Rochester

SouthernTier

Mohawk Valley

HudsonValley

CapitalRegion

NorthCountry

Central New York

2020NEW SOURCES OF CAPITALIN UPSTATE NEW YORK

2020 TRANSACTIONS BY REGION

• David Brown has launched Impellent Ventures together with

longtime Upstate Capital board member, Denny DeLeo.

• Launch NY closed their for-profit seed fund with over $5M.

• Christina Orsi’s team at University of Buffalo have started

investing from their $10M seed fund this year.

• Topmark Partners, formerly Stonehenge Growth Equity

Partners, led by Brian Model, has raised their second growth

equity fund.

32

50

59

13

58

79

48Western

New York



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COVID-19 has challenged fundamental assumptions and established business models. It has opened opportunities for new innovation, pivots and strategic shifts for investors, entrepreneurs and business owners.

Relative to a bigger decline nationally in 2020, M&A activity in Upstate NY

remained strong, with 72 transactions in 2020 compared to 78 in 2019.

ENERGY & CLIMATE

FOOD & AGTECH

HEALTHCARE INDUSTRIALS PROFESSIONALSERVICES

TECHNOLOGY FINANCE

Trendspotting: Technology and innovation continue to thrive. More than 25% of the deals in 2020 were in the Technology sector.

30

57

15

62

19

47

82

Private Equity42

Angel/Seed74

Early StageVenture

21

Late StageVenture

19

M&A72

Other30

Buyout54


Upstate NY innovation and growth companies are leading the way addressing COVID challenges: Aerosafe Global with cold-chain logistics, Quadrant Biosciences with rapid testing, Halomine with disinfection, are just a few examples. Efforts to support companies and investors were swiftly implemented by regional partners including NY Ventures, NYSTAR, FuzeHub, the Business Incubator Association of NY, the Medtech Association, UVC, and many others.

DEALS BY INVESTOR TYPE

2020 HIGHLIGHTS

TRANSACTIONSBY INDUSTRY


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OUR HISTORY

UPSTATE CAPITALHIGHLIGHTS

Since 2003, Upstate Capital has been fostering

relationships and connections that lead to

early, growth, middle market and later stage

investments throughout Upstate New York. We

provide valuable access and exposure to people

and knowledge that drive and transform private

industry across the state.

• Hosted and collaborated on 15 events in the past

12 months with nearly 1,300 attendees

• Formed a new collaborative partnership with

GENIUS NY, 43North, 76West, Grow-NY and

Luminate, and hosted the first-ever Venture NY

Series A Showcase featuring their leading startups.

• The Capital Foundation of New York, Upstate

Capital’s educational arm, launched Mentorship+,

pairing innovation with knowledge by connecting

entrepreneurs and business advisors.

160Members

15Events hosted or

collaboratively organized

A S S O C I A T I O N O F N E W Y O R K



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DEAL HIGHLIGHTS

Angel/Seed Investment:Atlast Food (Troy, NY) is the operator of a technology company intended to develop and

produce plant-based whole cut meats and raised $7M in seed funding in 2020. The company’s

products use gourmet edible mushrooms and an agricultural technology that is powered by

mycelium. Atlast Food is providing consumers with planet-friendly foods and a solution to

global meat production problems.

Venture Capital Deal of the Year:RealEats (Geneva, NY) raised over $2M of seed funding in a deal led by Excell Partners, Armory

Square Ventures and other investors. The company is a provider of meal preparation and

delivery service intended to deliver healthy, chef-cooked meals. Meals are prepared from whole

vegetables, grains, meats and fish which are delivered fresh, never-frozen and thoughtfully

prepared by a seasoned chef.

COVID Response of the Year:Quadrant Biosciences (Syracuse, NY) obtained Emergency Use Authorization (EUA) by the

Food and Drug Administration (FDA) for their Clarifi Covid-19 Test Kit to be used for the

diagnosis of SARS-CoV-2.

Private Equity Exit of the Year:Bush Industries (Jamestown, NY), which designs and manufactures furniture, was acquired in

2020 through a leveraged buyout deal, strengthening the company’s presence in the Jamestown

community. The management team is now leading the $200M company. Both mezzanine and

debt investors provided capital. This was an exit for Buffalo-based PE firm Lorraine Capital, with

Upstate Capital members KeyBank and Freed Maxick also participating in the deal.

Growth Equity Deal of the Year:Heart Health Intelligence (Rochester, NY) is an operator of a medical device startup intended

to transform the healthcare system by facilitating the transition from reactive to proactive and

preventive care. They raised both a seed round in April and had a $14M Series A round later in

2020, with General Catalyst and Austin McChord of Datto fame coming in to lead the company.

Launch NY, Excell Partners, Impact Capital, Rochester Institute of Technology Venture Creations

and Tech Coast Angels also participated in the early round.



8

180 South Street Suite B, Highland, NY 12528

(845) 204-8090

[email protected]

Upstate Capital’s mission is to increase access to capital for companies and deal

flow for investors across New York.

PROUDLY SUPPORTED BY:


ASSOCIATION OF NEW YORK

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