NJEDA Approves NJ Innovation Evergreen Fund Investment in Women-Led Clothing Distributor

Bullpen Capital has invested over $3 million into The Many Company

TRENTON, N.J. (July 17, 2024) - The New Jersey Economic Development Authority (NJEDA) Board today approved an investment from the New Jersey Innovation Evergreen Fund (NJIEF) into an emerging women-led company, The Many Company. Located in Ridgewood, the investment into The Many Company comes from the approval of an application submitted by Bullpen Capital for an initial Qualified Investment of $3 million.

"The New Jersey Innovation Evergreen Fund is a groundbreaking tool that propels New Jersey's economy forward by leveraging public and private dollars to invest in high-growth start-ups and entrepreneurs, providing a self-sustaining cycle of investment for innovators in need of access to capital," said NJEDA Chief Executive Officer Tim Sullivan. "Throughout Governor Murphy's administration, New Jersey continues to further its legacy as a global leader in innovation by making substantial investments in the next generation of pioneering companies that call the Garden State home."

The NJIEF, launched in 2022, is a unique tool to increase access to strategic resources and venture capital in New Jersey. Under the NJIEF, the State acts as an equity investor in early-stage companies, deploying up to $600 million into companies alongside professional venture capital firms. The Evergreen Fund currently has over $37 million available and is expected to use this to fund initial investments into additional high-growth businesses in New Jersey. The NJEDA is planning for another tax credit auction in 2025 to raise additional capital for further investment.

"The investment approved by our Board today adds to the NJIEF's momentum and exemplifies the state's commitment to supporting up-and-coming women-owned companies and entrepreneurs," said NJEDA Chief Economic Transformation Officer Kathleen Coviello. "By creating a stream of venture capital investment into high growth start-ups, the NJIEF will continue to drive job creation and economic growth across the State."

Based in Ridgewood, The Many Company was founded in 2020 by Carolyn Butler, a graduate of the Stevens Institute of Technology, and Rich Amsinger. Brought on by the birth of the founders' first child and the realization that they had no use for outgrown baby clothes, The Many Company was conceived to enable direct-to-consumer ("DTC") sustainable brands to accelerate growth and participate in the "circular economy." Today, The Many Company sells refurbished, pre-owned resale apparel, overstock items, and offers returns through hosted web platforms, including through its own website, ManyMoons. Originally focused on children's apparel, the company is now expanding into women's apparel brand partners.

"Brands face a landscape fraught with logistical challenges and financial losses due to unsold inventory and retail returns. The Many Company changes that dynamic by transforming what was once considered a write-off loss into a significant revenue-generating opportunity," said Carolyn Butler, Founder and CEO of The Many Company. "Our technology handles complex operations at scale, paired with syndication technology that drives sell-through across e-commerce platforms. This makes it easy for brands to unlock the value of physical assets while simultaneously reducing their environmental impact - a win-win for everyone. This investment from NJEDA, along with backing from industry-leading VCs like Bullpen Capital, will enable us to rapidly scale our technology and bring more brands into this new core pillar of retail technology and logistics."

The Many Company, like all companies approved for investment under the NJIEF, will benefit from the strategic commitments made by NJIEF tax credit purchasers. These purchases, which fund investments made by the Qualified Venture Firms (QVFs), are made in tandem with commitments to provide strategic support to strengthen the State's innovation ecosystem. These commitments, which include networking, mentoring, and educational opportunities, are a scored component of the tax credit purchasers' bids.

Bullpen Management, LLC is one of the 14 QVFs approved to date to access up to $12.5 million from the NJIEF to co-invest in innovative, high-growth New Jersey-based businesses. Founded in 2010, Bullpen Capital is an early-stage venture capital firm headquartered in San Francisco, California, and has a rich history of founding and investing in some of the industry's most prominent technology companies such as FanDuel, Carbon Health, and Paper. Bullpen Management also has a history of providing support and mentorship to assist their portfolio companies in crossing over to mainstream consensus.

"Bullpen Capital strongly believes in the vision of the circular economy drawn by Carolyn Butler and the team at ManyMoons," said Eric Wiesen, General Partner at Bullpen Capital. "Throughout our history, Bullpen has sought out non-consensus businesses, often located in emerging tech hubs like the one being built in New Jersey. We are thrilled to work with the NJEDA in our shared support of this dynamic and exciting company."

Applications for venture firms seeking to qualify as a QVF can be found here and are being accepted on a rolling basis. The firms approved to date represent diversity in terms of investment strategy, industry, and stage. Additionally, there continues to be strong momentum from interested managers. The roster of the current approved managers can be found here.

Applications for approved QVFs to apply for Qualified Investments into high-growth, innovative businesses based in New Jersey are also now open. The total capital available for new investments stands at over $37 million.

About the NJEDA

The New Jersey Economic Development Authority (NJEDA) serves as the State's principal agency for driving economic growth. The NJEDA is committed to making New Jersey a national model for inclusive and sustainable economic development by focusing on key strategies to help build strong and dynamic communities, create good jobs for New Jersey residents, and provide pathways to a stronger and fairer economy. Through partnerships with a diverse range of stakeholders, the NJEDA creates and implements initiatives to enhance the economic vitality and quality of life in the State and strengthen New Jersey's long-term economic competitiveness.

To learn more about NJEDA resources for businesses, call NJEDA Customer Care at 844-965-1125 or visit https://www.njeda.gov and follow @NewJerseyEDA onFacebook, Twitter, Instagram, and LinkedIn.

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