New York City Economic Development Corporation (NYCEDC) announces the selection of Cosynd, a New York based legal platform that is the fastest and most affordable way for creatives and content-driven businesses to protect themselves, as the first investment from WE Venture, the City’s first venture capital consortium designed to support 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.
Cosynd’s platform is ideal 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.
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.
Read about our investment in Cosynd on Forbes.