A startup based in the New York BizLab on State Street is relocating to Troy about a month after receiving a nearly $2 million investment.
Lottery Rewards is graduating from the business accelerator in Schenectady and will move its offices to 225 River St. in Troy. The company, which enables lottery players to scan or enter any non-winning state lottery ticket for a free “second chance” to win cash and prizes, had been housed in the BizLab since last October. There are now five companies working out of the incubator space on State Street.
“The New York BizLab was created to help companies grow smart and grow fast. Some companies grow faster than others,” said Antonio Civitella, founder and president of the BizLab, in a statement.
In mid-September, Velan Ventures, a Troy-based investment group, provided $1.9 million in funding to Lottery Rewards. Guha and Karthik Bala, founders of the video game company Vicarious Visions, formed the investment group, and decided to relocate Lottery Rewards so it would be closer to investors.
Lottery Rewards was the second company to move into space in the BizLab, and is the first company to graduate out of it.
The BizLab, founded by Civitella, CEO of Transfinder, a logistics software company, now houses five tech companies. The space is a Start-Up NY site, which means businesses housed there qualify for tax breaks and partner with a local college or university.
It operates out of space at 251 State St., but earlier this month announced that it would be expanding by purchasing the site of the Schenectady County DMV at 267 State St. The purchase allows for expansion of the BizLab, though that project won’t begin until late 2017. The DMV is expected to move to 2025 State St. next year.
Reach Gazette reporter Brett Samuels at 395-3113, [email protected] or @Brett_Samuels27 on Twitter.