Will Offer Matching Funds to DreamIt Ventures Startups Who Raise an Angel Round
PHILADELPHIA, June 30, 2011 (www.sep.benfranklin.org) – Ben Franklin Technology Partners of Southeastern Pennsylvania (BFTP/SEP) today announced DreamIt Plus, a program that partners BFTP/SEP with area angel investors to keep successful DreamIt graduates in the region. The initiative will allow companies participating in the DreamIt Ventures accelerator to receive additional funding and support services to continue working on their companies in Pennsylvania when the accelerator ends. DreamIt Plus is intended to support these startups in the critical early stage after they exit the accelerator and before they have secured a Series A round or become self-sustaining via customer revenue.
The DreamIt Ventures accelerator is an intensive three-month program designed to quickly bring innovative business ideas to market. It provides select startups with a series of services, including mentoring from seasoned professionals, free office space within a community of fellow entrepreneurs, seed capital, donated services from leading law firms and accounting firms, a speakers series and other workshops, and access to follow-on capital. DreamIt’s strong portfolio includes Notehall, which was acquired by Chegg earlier this month.
“The startups coming out of the DreamIt program have great momentum. However, since the entrepreneurs come from around the world, the lack of quick follow-on capital can cause them to leave the area,” said RoseAnn B. Rosenthal, President & CEO of Ben Franklin. “We don’t want them to have to move back home, out-of-state, while pursuing that extra bit of traction or funding to take their companies to the next level. So we created DreamIt Plus to keep that momentum going in Pennsylvania.”
DreamIt Plus partners Ben Franklin with area angels in a quick selection process that identifies investment candidates for the follow-on funds from among DreamIt’s graduates, and structures the additional funding using a single investment vehicle. The companies, as portfolio companies of Ben Franklin, then receive the full suite of business and technology services and networks Ben Franklin has to offer.
Several local angel investors, including Ed Harvey, Fred Kielhorn, Dave Kurtz, and Gabriel Weinberg, are among the angels participating with Ben Franklin.
“DreamIt Plus extends the path for startups participating in our accelerator to continue to take advantage of the Pennsylvania connections they have already made to build their businesses. We are excited to partner again with Ben Franklin, one of our founding sponsors and an ongoing investor, to offer this program,” said Kerry Rupp, Managing Partner of DreamIt Ventures.
The Fall DreamIt program will run in Philadelphia from September to December of this year and applications are due by July 8th. DreamIt will accept up to 15 startups, with five of those participating in the Minority Entrepreneur Accelerator Program (MEAP) track, sponsored by Comcast. Ben Franklin is proud to support the MEAP through the Minority Angel Investor Network. Formed by Ben Franklin in 2004, the Minority Angel Investor Network is the nation’s first organized group of angel investors focused on high-growth minority companies. The Network will support DreamIt through company mentorships and potential funding opportunities.
For more information on the DreamIt Ventures accelerator and application process, please visit the DreamIt website. To learn more about the Comcast MEAP program and how to qualify, visit here.
To learn more about the BFTP/SEP Investment programs, click here.
About Ben Franklin Technology Partners of Southeastern Pennsylvania
Ben Franklin is a national award winning model for technology innovation and a catalyst for Stimulating Entrepreneurial Potential. For more than 28 years, we have invested in innovative enterprises and created commercialization pathways and partnerships that generate wealth through science and technology. We offer entrepreneurs and established businesses the Capital, Knowledge and Networks to compete in the global marketplace. We have invested more than $145 million to grow more than 1,700 regional enterprises across all areas of technology.
Ben Franklin’s programs and partnerships with universities, corporations and investors strengthen the region’s innovation infrastructure. Together with partners across the region, we are fostering the formation of a Greater Philadelphia energy cluster…Power Valley. We are the commercialization partner for the Greater Philadelphia Innovation Cluster (GPIC) national energy hub, and the founding partner of the Energy Commercialization Institute (ECI). We are founding partners of The Nanotechnology Institute (NTI), Emerald Stage2 Venture Fund, and numerous other programs and initiatives.
Ben Franklin is part of the Commonwealth of Pennsylvania’s Ben Franklin Technology Partnership. For additional information, please visit www.sep.benfranklin.org, Facebook, LinkedIn & Twitter.
About DreamIt Ventures
DreamIt Ventures is a pre-seed stage venture firm, with the goal of helping great people with great ideas build great companies. DreamIt provides the aspiring entrepreneurs that it selects with pre-seed funding, services from leading law firms and accounting firms, mentoring from seasoned entrepreneurs, access to capital, and a creative, rigorous environment to bring innovative business ideas to market. DreamIt was founded in 2007 by three successful technology entrepreneurs who want to create the same type of opportunities that they were fortunate to have had themselves for the next wave of entrepreneurs. More information about DreamIt Ventures is available online at www.DreamItVentures.com via email at info@DreamItventures.com.
Contacts:
- BFTP/SEP
Jaron J. Rhodes
Manager, Marketing and Communications
(215) 972-6700, ext. 3214
jaron@sep.benfranklin.org
DreamIt Ventures
Kerry Rupp
Managing Partner
kerry@DreamItventures.com
