The Chautauqua (County) Seed Fund has invested $20,000 in Henlie, Inc., a tenant/client of our supporting member the SUNY Fredonia Technology Incubator. Henlie is the developer of an online dispute resolution community branded PettyCourt. Petty Court will target market segments including reality TV viewers, social-network members, and online gamers.
The Chautauqua Seed Fund was created by county government specifically to complement the services of the incubator and improve the prospects for private financing of the best-qualified tenants. The $125,000 fund invests between $15,000 and $30,000 in each deal through convertible notes, requiring a 30% equity match by the founders.
Funded by the County of Chautauqua Industrial Development Agency, the Chautauqua Seed Fund is a collaboration of the Fredonia Technology Incubator, County Executive Gregory Edwards, and the Chautauqua Region Industrial Development Corporation. The fund’s investment committee comprises local bankers and business/civic leaders as well as the incubator director.
For more information see the attached news release or coverage by WKBW.