NJEDA approves NJ Innovation Evergreen Fund investment in Morristown-based TripWorks, Inc.

June 12, 2024

3 min read

Tech Council Ventures invests $1.5 million in travel tech startup

TRENTON, NJ (June 12, 2024) The New Jersey Economic Development Authority (NJEDA) Board of Directors today approved an investment by the New Jersey Innovation Evergreen Fund (NJIEF) in a New Jersey-based startup. The investment in Morristown-based TripWorks, Inc. follows the approval of an application submitted by Tech Council Ventures, LLC for an initial qualified investment of $1.5 million.

Under Gov. Phil Murphy's leadership, New Jersey has been committed to supporting the next generation of innovators and entrepreneurs who will be tomorrow's business leaders and job creators, said NJEDA CEO Tim Sullivan. “This unique program creates a self-sustaining cycle of investment, allowing industry leaders to continually improve, network and grow. Today's approval is another major step in strengthening our state's innovation economy.”

Launching in 2022, the NJIEF is a groundbreaking tool to increase strategic resources and access to venture capital in New Jersey. Under NJIEF, the state will act as an equity investor in startups, partnering with professional venture capital groups to inject up to $600 million into companies. The Evergreen Fund currently has more than $40 million and plans to use it to make early stage investments in 6-10 fast-growing companies in New Jersey. NJEDA plans another tax credit auction in 2025 to raise additional capital for further investments.

“Tech Council Ventures' funding approval for TripWorks highlights NJIEF's success in achieving its mission of fostering an environment that encourages investment in New Jersey's best businesses and innovators. It's a testament to our commitment to fostering revolutionary innovation and pioneering companies,” said Kathleen Coviello, NJEDA's Chief Economic Transformation Officer. “NJIEF is helping to realize this goal, and we look forward to helping propel many new businesses in New Jersey to thrive.”

Morristown-based TripWorks, Inc. is a software platform that enables tour and activity operators to provide their customers with a fully digital, end-to-end booking, reservation and payment system. By adopting a capital-efficient and reliable approach, TripWorks has grown to serve more than 150 tour operators in the U.S. and internationally.

“Tour and activity operators face a saturated market with a patchwork of outdated and immature solutions that make it difficult for business owners to succeed,” said Aaron Fessler, founder and CEO of Trip Works. TripWorks is changing the game for tour operators by helping business owners increase revenue and operate with ease through world-class, easy-to-use, enterprise-grade software. Our team has already gained traction in this market with a track record of customer acquisition and innovation, and we are excited to see what comes next. This grant, along with the recognition and support from an industry-leading source like Arival, will allow us to continue investing in our product and continue our rapid growth.”

Tech Council Ventures, LLC is one of 13 Qualified Venture Funds (QVFs) approved to date, and receives up to $12.5 million in funding annually from the NJIEF to co-invest in innovative, fast-growing New Jersey-based companies. Founded in 2000, Tech Council Ventures is a leader in investing in and supporting innovative New Jersey-based entrepreneurs and companies. The company sits on the NJEDA Technology Advisory Board, participates in New Jersey Founders and Funders events, and utilizes the Angel Investor Tax Credit program.

“Tech Council Ventures is excited to invest in the great business Aaron Fessler is building at TripWorks in collaboration with tour and attraction operators, and we are excited to partner with NJEDA and its Innovation Evergreen Fund to support one of New Jersey's most promising technology companies and experienced entrepreneurs,” said Jim Gunton, Managing Partner at Tech Council Ventures, LLC.

Applications for ventures seeking QVF eligibility can be found here and are accepted on an ongoing basis. Companies approved to date are diverse in terms of investment strategy, industry sector and stage. Additionally, we continue to see strong support from interested managers. A list of currently approved managers can be found here.

Applications are also currently being accepted for approved QVFs to make qualified investments in fast-growing, innovative New Jersey-based companies, with total capital available for new investments exceeding $40 million.

About NJEDA

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

For more information about NJEDA's business resources, please call NJEDA Customer Care at 844-965-1125, visit https://www.njeda.gov and follow @NewJerseyEDA on Facebook, Twitter, Instagram and LinkedIn.

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