About this programme
The Early Stage Capital Program is how the New Hampshire Business Finance Authority (BFA) gets money into the state's newest and most innovative companies: not through direct BFA loans, but through public-private partnerships with outside investment funds.
BFA has backed three such partner funds over time. The Granite Fund, where BFA put in $4.5 million alongside $20 million in private money, backed companies including Dyn, Avitide, Newforma, and Compass Therapeutics, and is credited with generating over 750 jobs and $40 million in annual payroll. That fund is now fully invested and no longer taking new deals.
Two funds are currently active: Vox Health Fund, which invests in life sciences and digital health ventures and offers guidance and mentorship alongside capital, and Millworks Fund II, a partnership between BFA and a 40-investor angel network that invests through the TechOut and AlphaLoft accelerator programs.
How it works
Vox Health Fund is currently accepting new investments in life sciences and digital health companies, and pairs its capital with guidance and mentorship.
Millworks Fund II invests about $600,000 a year, sourced from its network of 40 angel investors together with BFA, and reaches companies through the TechOut and AlphaLoft accelerator programs rather than by direct application.
The now-closed Granite Fund combined $4.5 million of BFA money with $20 million in private capital; it is fully invested and not making new commitments.
Who can apply
Vox Health Fund targets life sciences and digital health ventures.
Millworks Fund II targets companies ready to expand their operations in New Hampshire, and reaches them through the TechOut and AlphaLoft accelerator programs.
How to apply
- Apply directly through the partner organization, not through BFA: Vox Health Fund for life sciences and digital health, or Millworks Fund II via the TechOut or AlphaLoft accelerator programs.
Frequently asked
Does BFA invest directly in early-stage companies?
No. BFA backs partner funds that make the actual investments; applicants apply to those funds, not to BFA.
Which funds are currently active?
Vox Health Fund (life sciences and digital health) and Millworks Fund II (via the TechOut and AlphaLoft accelerators) are currently investing. The Granite Fund is fully invested and closed to new deals.
How much does Millworks Fund II invest each year?
About $600,000 a year, drawn from its 40-investor angel network together with BFA.
How do I reach Millworks Fund II?
Through the TechOut or AlphaLoft accelerator programs, not by applying to BFA directly.
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Reviewed 2026-09-25. Programmes change, so check eligibility, amounts and deadlines on the official page before you apply. CapEasy is a private firm and is not part of any government body.