Softeq Development Corporation (Softeq), a Houston-based global hardware and software services development company serving Fortune 500 companies, committed an additional $5 million to the Softeq Venture Fund and the creation of a satellite venture studio from a new group of venture capital investors in NH.
Through this partnership, the group aims to stimulate early-stage innovation in the region to help cultivate a successful startup community, create jobs, and diversify the economy in NH and beyond. The incoming group has formed Launch NH, LLC (Launch NH), which will leverage the Softeq Venture Studio platform to back qualified startups from within and outside NH. The Softeq Venture Studio is an accelerator program that de-risks investments by combining engineering with startup formation services to help founders build real, scalable, and investable technologies. The program provides mentors, resources, and workspaces to enhance visibility and help founders connect with the investment community. This marks the first expansion of the Softeq Venture Studio into a new state, and both parties believe that NH has all the ingredients needed while being an underserved market.
“It’s a great time to invest in startup companies, and we saw an opportunity to bridge the gap between the growing innovation community here in Houston and the untapped investment community in NH,” said Christopher A. Howard, founder and CEO of Softeq. “We’re excited about this partnership because it provides the Softeq Venture Studio with a source of high-quality startups while also fostering the innovation ecosystem in NH and New England.”
With the new $5 million commitment, the Softeq Venture Fund has raised over $25 million, surpassing the halfway mark of the fund’s $40 million goal. The founders of Launch NH include local real estate developers Michael and Jamie Simchik, along with experienced technology entrepreneur Terry Anderton. In looking to balance their portfolios to include alternative investments like venture capital, they found the unique three-part combination of the Softeq Venture Fund, Softeq Venture Studio, and Softeq engineering resources helps to de-risk early-stage venture investments by providing startups with the funding and hands-on guidance they need to succeed. Through the partnership, Softeq will invest in up to 12 qualified startups giving preference to NH companies and providing them with unprecedented expertise and support through the company’s accelerator program.
“NH has been slow to adopt an innovation ecosystem, but with nearby Boston enjoying continued startup successes, we have the unique opportunity to leverage what is happening in Massachusetts, as well as in Vermont and Maine,” said Jamie Simchik, Founder & CEO at HRKNSScowork. “By working with Softeq, we want to help build the innovation community statewide and drive broad-based startup activity in the region, similar to what Softeq has accomplished in its Houston headquarters.” Terry Anderton has firsthand experience working with Softeq as his firm Wagz, which was recently acquired, was an early participant in the Softeq accelerator program that preceded the Venture Studio. That experience led Terry to want to help establish Launch NH and foster other startups in the region.
The Softeq Venture Studio has invested in 27 startups from worldwide globe since it launched in 2021. In addition, three companies have raised additional funding to achieve their goals. Over the next three years, Softeq plans to invest in 120 companies, or 40 each year, including a preference for 12 via Launch NH. This program is the first of its kind in NH.
To learn more about Softeq and the Venture Studio or to submit an application for the upcoming H2 2022 cohort, visit www.softeq.com/venture-studio.
Current Issue - May 2024