Investor profile
Excell Partners
Micro-fund
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Excell Partners is a New York State-supported seed fund with a dual mission: generating strong financial returns while supporting regional economic development in Upstate New York. Established in 2006 in partnership with the University of Rochester and New York State Empire State Development, Excell invests up to $1.5 million per round in high-tech, high-growth startups across sectors including medical devices, biotech, digital health, IT/software, energy, and agtech. Although structured as a not-for-profit, Excell maintains for-profit discipline by using convertible debt and equity instruments to build an evergreen, self-sustaining fund. The firm is particularly committed to supporting minority- and women-owned businesses and provides portfolio companies with capital, mentorship, networking, and access to a broad ecosystem of universities and corporate partners.
Notable quotes
“With the launch of the UBV fund, Excell's efforts this year will be focused on investing at the mid-late seed stage in life science high-tech startups, which includes medical devices, biotech and health tech in all its forms.”
“The (2023) annual report spoke of the impact of an uncertain economy, inflation and global unrest that created significant fundraising challenges for startups, requiring many to reduce expenses to extend their runway in order to survive. What a difference a year makes.”
“We become a part of the business so when things are good, we're there to celebrate with them, and we're there for them when things get tough, too.”
Team
Theresa Mazzullo
Former CEO (retired January 2026)
Madeleine Barrett
Principal
Paul Tolley
Team Member
J. Montieth Estes
Team Member
Recent investments
| Company | Round | Size | Date |
|---|---|---|---|
| Thread | Series A | $9m | 2023-10-10 |
| OWL Autonomous Imaging | Series A | $8m | 2022-01-26 |
| RealEats | Series A | $3m | 2021-06-22 |
| Casana | Seed | $3m | 2020-04-01 |
| EkoStinger | Seed | $7m | 2019-09-17 |
| GiveGab | Seed | — | — |
| Kinvolved | Seed | — | — |
| Augmate | Seed | — | — |
| Splyce | Seed | — | — |
Frequent co-investors
| VC firm | Deals together |
|---|---|
| Armory Square Ventures | 2 |
| Badlands Capital | 1 |
| State Farm Ventures | 1 |
| Bemis Manufacturing | 1 |
| Hamilton Lane | 1 |
| Empire State Development | 1 |
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