Business journal honors Rowan venture fund with prestigious Fire Award

The Rowan Innovation Venture Fund (RIVF) this summer received a coveted Fire Award from the Philadelphia Business Journal, recognition of its role in driving innovation and economic development in South Jersey.

Launched in 2014 with $5 million and expanded in 2022 to $25 million, RIVF supports early-stage companies in sectors like life sciences, biotechnology, software development, telecommunications and food & beverage. The fund currently manages 18 active investments, including support for Rowan-affiliated companies HalfDay Tonics, a gut-healthy soft drink brand; ReGelTec, which makes hydrogel implants; and AI-driven healthcare company MRIMath.

This summer, RIVF appointed Garden State Venture Partners (GSVP) to manage and grow the fund. Led by Rowan alumni Michael Connallon Jr., Shawn Hill, and Ernie Holtzheimer, GSVP brings deep expertise in venture capital, financial services and corporate law, with plans to scale up the fund’s impact and attract mission-aligned co-investment partners.

“Our partnership with Garden State Venture Partners will accelerate the success of Rowan-born startups, attract investment to the region and state, and create new opportunities for our students, faculty and the broader community,” said Rowan University President Ali Houshmand.

A new collaboration between Rowan, GSVP and other South Jersey stakeholders will establish innovation centers in Camden and Mullica Hill to serve as accelerators for early-stage companies.

Said Connallon, “This team brings deep venture experience and industry operational expertise with plans to scale the fund’s value and strengthen commercial pathways for university-led research and technology.”