Mayor Michael Bloomberg announced Tuesday that 12 companies nurtured in a city-funded incubator just west of Soho are flying solo. Another 10 are expected to do so in between April and July.
An incubator on Varick Street in Manhattan was the first incubator to open in 2009. Currently, there are 25 start-ups that call the incubator home.
“What started on Varick Street three years ago has now spread throughout the city," Bloomberg said in a statement. "At all of our incubators, big ideas are being hatched and innovative companies are being born.”
The city has invested nearly $2 million in different incubators around the city, from the Bronx to Brooklyn. The total square feet of affordable workspace created is 120,000 with more than 550 businesses ranging from tech companies to food manufacturers to fashion designers.
Collectively, these businesses have raised more than $78 million in investor funding and employ more than 900 workers, according to the city.
The incubators are run by a mix of not-for-profits, private companies and the city government.
With reporting from Denise Blostein