NEW YORK, NY—New York City Economic Development Corporation (NYCEDC) announced the selection of Cosynd, a New York-based legal platform for creatives and content-driven businesses to protect themselves, as the first investment from WE Venture, the City’s Venture Capital Consortium designed to support locally-based tech start-up companies founded by women and minority entrepreneurs.
Cosynd automates the creation, negotiation, and execution of vital contracts that secure copyright ownership, which can then be registered with the U.S. Copyright Office. Their platform is designed for creators of music, videos, visual art, and literature and other forms of media. WE Venture and Morgan Stanley’s investment will help Cosynd improve its technological infrastructure, grow and support new customers and hire additional staff.
“As we work to support our rapidly growing tech sector, women and minority-owned startups and businesses building new products, platforms and services cannot be left behind,” said New York City Economic Development President and CEO James Patchett. “It’s why we’re thrilled to announce our first WE Venture investment. With these funds, Cosynd will be able to build their business and add to the growing fabric of the city’s tech ecosystem.”
“We are so excited and honored to be the inaugural investment from WE Venture. As a team that is 80% female, 60% minority, and 20% veteran, we deeply respect this mission to empower NYC’s brightest startups built by women and minorities,” said Cosynd CEO Jessica Sobhraj. “NYCEDC’s team has been phenomenal to work with and we are particularly thrilled about all of the ways that we can collaborate here at home in NYC – the creative capital of the world!”
Last year, NYCEDC announced the selection of Archer Gray, Future\Perfect Ventures, Golden Seeds Venture Fund, WOCstar Fund, and the Multicultural Innovation Lab at Morgan Stanley as partners of WE Venture.
The partners are responsible for identifying NYC-based early-stage companies in various sectors and providing capital in partnership with the City to support the companies. EDC will co-invest $10 million alongside $20 million from the venture capital partners for a total amount of $30 million over the next five years.
The WE Venture consortium is part of the City’s women.nyc initiative, which supports women by connecting them with resources and tools, including free expert legal advice, financial assistance, networking and mentorship opportunities. The initiative aims to make New York City the best place in the world for women to succeed. The WE Venture consortium is also part of Women Entrepreneurs NYC, which has worked with over 5,000 women to start and scale their businesses.