The New Jersey Economic Development Authority (NJEDA) Board has approved an investment from the New Jersey Innovation Evergreen Fund (NJIEF) into Morristown-based TripWorks, Inc. The approval followed an application submitted by Tech Council Ventures, LLC for an initial Qualified Investment of $1.5 million.
"Under Governor Phil Murphy’s leadership, New Jersey has been committed to supporting the next generation of innovators and entrepreneurs, who will become the business leaders and job creators of tomorrow," said NJEDA Chief Executive Officer Tim Sullivan. "This unique program creates a self-sustaining cycle of investment, which allows for industry leaders to constantly improve, network, and grow. Today’s approval is another great step in bolstering our state’s innovation economy."
Launched in 2022, the NJIEF aims to increase access to strategic resources and venture capital in New Jersey. Under this initiative, the State acts as an equity investor in startups, deploying up to $600 million into companies alongside professional venture capital groups. The Evergreen Fund currently holds over $40 million and plans to fund initial investments into six to ten high-growth businesses in New Jersey. Another tax credit auction is planned for 2025 to raise additional capital.
"The endorsement of Tech Council Venture’s funding for TripWorks underscores the NJIEF’s success in fulfilling its mission: to foster an environment conducive to investment in New Jersey’s high-caliber companies and innovators," said NJEDA Chief Economic Transformation Officer Kathleen Coviello. "It’s a testament to our commitment to nurturing revolutionary innovations and pioneering enterprises."
TripWorks, Inc., based in Morristown, offers a software platform that enables tour and activity operators to provide a fully digital end-to-end booking, reservation, and payment system. The company has grown significantly with over 150 tour operators using its platform both domestically and internationally.
"Tour and activity operators face a market saturated with a hodgepodge of antiquated and immature solutions," said Aaron Fessler, Founder and CEO of TripWorks. "TripWorks changes that dynamic for tour operators thanks to world-class, easy-to-use enterprise-grade software that helps business owners grow their revenue and easily operate."
Tech Council Ventures is one of 13 Qualified Venture Firms (QVF) approved so far under the NJIEF program. Founded in 2000, Tech Council Ventures supports innovative New Jersey-based entrepreneurs through various initiatives including participation on the NJEDA's Technology Advisory Board.
"Tech Council Ventures is excited to invest in the great business Aaron Fessler is building at TripWorks working with tour and attraction operators," said Jim Gunton, Managing Partner of Tech Council Ventures. "We are pleased to partner with the NJEDA and its Innovation Evergreen Fund in supporting one of New Jersey’s most promising technology companies."
Applications for venture firms seeking QVF qualification are accepted on a rolling basis. Approved firms represent diverse investment strategies across different industries.
