NEW YORK - LabMorgan, the electronic finance unit of J.P. Morgan, has acquired a minority interest in Iron Street Labs LLC, a New York Internet incubator, for an undisclosed sum.
As part of the agreement, Iron Street Labs will refer entrepreneurs with promising electronic finance ideas to LabMorgan, giving it the first right to invest. Entrepreneurs will gain access to LabMorgan's incubation experience and J.P. Morgan's financial markets experience to build their ideas into successful ventures.
Iron Street Labs has a diverse portfolio of companies and will use the LabMorgan funding to develop additional Internet businesses. Since its formation in the first quarter LabMorgan has worked with partners to launch more than 20 electronic finance ventures.