MetLife's Launch NY Seed Fund supports local non-profits

Laura Sitterly, Utica Observer Dispatch

MetLife Inc. and MetLife Foundation announced a $30 million multiyear commitment to support Upstate New York.

The Foundation pledged $5 million in funding while MetLife Inc. ensured $25 million in impact investments.

As part of the commitment the MetLife Foundation made an impact investment of $1 million to Launch NY to promote entrepreneurship.

“Thanks to public sector efforts and private sector investments – like this one from MetLife – Utica and the Mohawk Valley are moving in the right direction,” said Gov. Kathy Hochul in a statemet. “ This multimillion-dollar commitment has the potential to transform the region.”

As part of the commitment the MetLife Foundation has made an impact investment of $1 million to Launch NY to promote entrepreneurship.
As part of the commitment the MetLife Foundation has made an impact investment of $1 million to Launch NY to promote entrepreneurship.

About Launch NY

Launch NY’s Seed Fund is a for-profit limited partner fund that invests in startup companies to drive local employment and entrepreneurship. According to the Foundation, it is their most active seed fund in the state.

"Our investment in Upstate New York enables us to create opportunities for talented entrepreneurs who will encourage growth and economic prosperity,” said Dr. Marnie LaVigne, president and CEO of Launch NY. “We value their commitment to the region and look forward to building on our successful partnership.”

The Launch NY Foundation has already made over $1.4 million in grants to Upstate New York nonprofits including:

  • Food Bank of Central New York, to address food insecurity through the expansion of their weekend meal program for school-age children and Mobile Food Pantry.

  • Community Foundation of Herkimer & Oneida Counties, to bridge the gap between community and resources through workforce development, neighborhood revitalization, and resident engagement.

  • Munson, to broaden access to their gallery spaces by making them accessible to visitors with mobility limitations, and summer workshops for local children and teens at no cost.

Two of the three nonprofit organizations are food assistance programs.

“We noticed a growing need both nationally and locally surrounding food insecurity,” said MetLife President and CEO Michel Khalaf. “As a company founded in New York, we are proud to be part of the state’s fabric and believe we have an important role in the communities we serve.”

Corporate strategy

The company engages grantees in the co-creation of programs and initiatives. Corporate employees live and work in the area to guarantee that Utica has ongoing access to support and MetLife has ongoing access to insight.

“We use collected community research and knowledge to assess need and understand where our grants can make the biggest impact,” said Tia Hodges, President and CEO of MetLife Foundation and Head of Corporate Giving and Employee Volunteerism at MetLife.

The Foundation’s strategy centers on three portfolio areas – Economic Inclusion, Financial Health and Resilient Communities.

“The breadth of these areas allow our grant making to tackle the root cause of social issues,” explained Hodges. “In Utica this looks like up-skilling and re-skilling talent – to be competitive in a new economy– and ensuring that people have access to healthy food options.”

Addressing food insecurity

“We partnered with the Community Foundation to ensure our grants could provide a range of services: from food commodities and PPE to childcare," said Tia Hodges, President and CEO of MetLife Foundation and Head of Corporate Giving and Employee Volunteerism at MetLife.
“We partnered with the Community Foundation to ensure our grants could provide a range of services: from food commodities and PPE to childcare," said Tia Hodges, President and CEO of MetLife Foundation and Head of Corporate Giving and Employee Volunteerism at MetLife.

The Supplemental Nutrition Assistance Program’s (SNAP) pandemic emergency allotments (EAs) ended in March, cutting food assistance and leaving many households struggling to afford groceries.

According to data from Feeding America’s Map the Meal Gap, 10.3% of Oneida County residents were classified as food insecure as of 2021, the most recent year for which their data was collected.

The Food Bank of Central New York unofficially disclosed that 2023 marked a return to pandemic-level of need. This past October 2.1 million pounds of food was distributed – a 27% increase in comparison to last year.

Launch NY supported the Food Bank of Central New York during COVID-19 and plans to do so indefinitely. Re-evaluation will only happen once the level of need in the Mohawk Valley regulates.

“Both food assistance partnerships resulted from our employees in the region – they keep us abreast of the issues impacting their communities," said Hodges. “We partnered with the Community Foundation to ensure our grants could provide a range of services: from food commodities and PPE to childcare.”

This article originally appeared on Observer-Dispatch: Launch NY Seed Fund invests in local nonprofits

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