About this programme
The Angel Match Program is an NJEDA initiative funded by the federal State Small Business Credit Initiative (SSBCI). It matches an angel or venture investment with state capital, aiming to build an entrepreneurial ecosystem that stimulates innovation, economic development, and jobs for New Jersey residents.
The program is aimed at early-stage, product-based technology companies in a set of targeted industries: Advanced Transportation & Logistics, Advanced Manufacturing, Aviation, Autonomous Vehicle & Zero-emissions, Clean Energy, Clean Technology, Life Sciences, Hemp Processing, Information & High Technology, and Finance & Insurance.
Total program funding stands at $40,197,631, after a recent $20 million increase.
How it works
NJEDA issues a convertible promissory note with warrants equal to 50% of the note's principal, sized between $100,000 and $1,000,000, matching dollar-for-dollar the amount of an outside investor's eligible investment.
The note carries a 10-year maturity, 3% interest, no payments due for the first 7 years, and no prepayment penalty; recipients can repay principal and accrued interest at any time. The warrant stays in effect until it is exercised or expires.
The outside match must be a preferred equity investment with a set price per share; a SAFE note does not qualify.
As of a June 11, 2025 program update, only one outside independent investor is required to provide the match, down from the previous requirement of two.
Only investment that closes in a specific window counts: between NJEDA's approval (the date of the commitment letter) and 60 days after that date. The company must close the matching investment and provide documentation to NJEDA within that 60-day window, and NJEDA closes and disburses its own funding within 90 days of the commitment letter.
If the company does not close the matching investment within 60 days, NJEDA will not close the Angel Match note.
Funds can only be used for working capital. They cannot be used for construction, real estate development, or other uses barred by the program's materials.
Recipients face ongoing quarterly and annual reporting to NJEDA and SSBCI, including management-prepared financial statements, an annual capitalization table, an annual lease agreement proving a NJ office, quarterly employment figures, quarterly funding updates, and annual state and federal tax filings.
Who can apply
The company must be an early-stage, product-based technology company in a targeted industry, structured as a C-Corp or an LLC with a unit structure.
It can be virtual at the time of application, but must have a physical New Jersey office (not a home office or virtual office) with an executed lease before Angel Match funds close.
A company incorporated outside New Jersey (for example, in Delaware) can still qualify, but it must be registered to do business in New Jersey and hold a current NJ Tax Clearance showing it is in good standing.
At least 50% of full-time employees must be based in New Jersey, and that threshold must be maintained for as long as the Angel Match funding is active. No more than 100 total employees, with a minimum of two full-time founders or C-level executives in NJ.
The company needs $100,000 in trailing-12-month revenue from product-based sales; as of the June 2025 update, revenue can also come from subscriptions and licenses, grants and non-dilutive funding, contract research and manufacturing using the company's technology, or other technology-based revenue activities at NJEDA's discretion, verified by management-prepared financial statements.
Cannabis and marijuana-related businesses, and anyone holding a license from the NJ Cannabis Regulatory Commission, are not eligible.
How to apply
- Email Innovation@njeda.gov to schedule a consultation with an Innovation Officer, who determines program eligibility.
- If minimum requirements are met, the Innovation Officer provides a link to the application.
- Have term sheets or similar documents in hand from potential investors, showing investment interest, at the time of application; the investment round must not yet be closed and no final commitments can be signed before NJEDA's commitment letter is issued.
- Submit the application with the non-refundable $1,000 application fee.
- If approved, close the matching outside investment within 60 days of the commitment letter's issue date and provide documentation to NJEDA.
Documents you’ll typically need
- Term sheets or similar documents from potential investors
- NJ Tax Clearance Certificate
- Executed office lease or similar agreement for a New Jersey location
- Management-prepared financial statements verifying revenue
- Documents on the Angel Match application checklist at njeda.gov/AngelMatch
Frequently asked
Can an already-closed investment round qualify for matching?
No. The Angel Match Program will not match investments that closed before NJEDA's application approval, marked by the issue date of the commitment letter.
How much of the round does NJEDA match?
NJEDA matches the eligible outside investment dollar for dollar, from a minimum of $100,000 up to $1,000,000.
How many outside investors do I need?
As of a June 11, 2025 program update, only one outside independent investor is required, down from the prior requirement of two.
Can I use a SAFE note as the matching investment?
No. Only preferred equity investments with a set price per share qualify.
What can the Angel Match funds be used for?
Working capital needs only. Construction, real estate development, and other unauthorized uses are prohibited.
Is there an appeal if NJEDA declines my application?
Yes. You can file a written appeal within 20 calendar days of the decline letter, explaining how you met the program requirements based on information already submitted; NJEDA does not accept new documentation on appeal.
More funding in New Jersey
Angel Investor Tax Credit Program
New Jersey Economic Development Authority (NJEDA) · New Jersey
Investors get a state tax credit worth up to 35 to 40% of what they put into an eligible early-stage New Jersey tech or life sciences company.
New Jersey Innovation Fellows Program (NJIF) — Cohort III
New Jersey Economic Development Authority (NJEDA) · New Jersey
A team of first-time New Jersey founders can get up to $400,000 over two years as salary replacement to build their startup full time.
New Jersey Loan Expansion and Network Development (NJ LEND)
New Jersey Economic Development Authority (NJEDA) · New Jersey
Growing New Jersey businesses can borrow $750,000 to $5 million for real estate, equipment, or working capital through this state loan pilot.
NJ Founders & Funders
New Jersey Economic Development Authority (NJEDA) · New Jersey
NJEDA arranges warm introductions and 10-minute one-on-one meetings between New Jersey startups and angel or institutional investors, twice a year.
NJ Innovation Evergreen Fund (NJIEF)
New Jersey Economic Development Authority (NJEDA) · New Jersey
New Jersey co-invests state tax-credit-raised capital alongside professional VC firms into high-growth NJ startups via the Innovation Evergreen Fund.
NJII Venture Studio
New Jersey Innovation Institute (NJII), a corporation of NJIT, in partnership with NJEDA · New Jersey
NJII turns New Jersey university and corporate IP into new companies, investing up to $1 million into each venture it launches, from Newark.
All 12 programmes in New Jersey →
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.